The price of Solana DEX Orca (ORCA) surged by over 50% in just the last 24 hours, with its trading volume increasing significantly. This rally stands out amidst a generally flat cryptocurrency market, where Bitcoin remains in the $81K range and Ether is below $1,600. Despite this overall uncertainty, several altcoins are showing double-digit gains today, including XCN, CRV, ORCA, FARTCOIN, and others. This article explores the reasons behind ORCA’s explosive price rise in recent days.
ORCA’s surge is fueled by a combination of factors: A strong 57% increase in trading volume suggests robust buying activity, while a breakout from resistance at $2.15 further amplified the upward movement. This trend was driven by investor confidence and increased trading activity.
Several positive developments are contributing to this price surge:
– **Live on-chain tokenholder proposal:** The Orca Governance Council is holding a live voting session for a major proposal that includes changes to its tokenomics, including a 25% token burn. This high-stakes vote is one of the largest in the crypto community, given ORCA’s prominence as a top Solana DEX.
– **KAST Solana debit card benefits:** The project has launched a KAST Solana debit card benefitting its community starting Wednesday. In addition to these exciting developments, Orca has continued to improve its features over the past few weeks, incorporating new additions such as Liquidity Terminal, Liquidity Locking, a tx sender library, and improved card view functionality.
The combination of investor confidence in the project’s future, coupled with tangible improvements like the latest updates, suggests that the current price surge is sustainable.
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