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• Origin Protocol’s native token OGN surged 28% to above $0.12 ahead of the US Federal Reserve’s 25 basis point interest rate hike.
• Bitcoin price rose to $29,328 as markets anticipated the Fed’s rate increase.
• The surge in OGN was driven by increased interest in Ethereum liquid staking and Origin Ether (OETH).

Origin Protocol Price Surges 28%

Origin Protocol’s native token OGN surged 28% to above $0.12 ahead of the US Federal Reserve’s 25 basis point interest rate hike. This put its value 50% in the green, leading the top altcoin gainers. Elsewhere, Bitcoin price rose to $29,328 as markets anticipated the Fed’s rate increase.

Drivers of OGN Rally

The surge in OGN was primarily driven by increased interest in Ethereum liquid staking and Origin Ether (OETH). Since Ethereum’s Shapella upgrade, staked ETH volumes have spiked and a new subsector liquid staking token finance (LSTfi) has emerged. One of the leading platforms for this has been Origin Ether (OETH). The protocol offers a liquid staking yield aggregator that has seen its total value locked (TVL) surpass $84 million within two months of its debut in the market.

Integration with DeFi DApps

Origin Ether has integrated with multiple DeFi dApps including Lido, Rocket Pool, and Frax which adds to its access across wallets, DEXs, yield farms and analytics pages. This has further contributed towards driving up demand for OGN tokens on exchanges and other trading platforms over recent weeks.

Bullish Outlook for Altcoins

With Bitcoin prices hovering just below their all-time high levels today’s rally could be indicative of a continuing bullish outlook for altcoins going forward too. As traders await Wednesday’s rate hike by the Fed many eyes will be on whether crypto prices can remain buoyant or else succumb to profit taking pressure from investors looking out for safe havens during periods of volatility such as these.

Conclusion

In conclusion today’s rally by OGN shows that increases demand for decentralized finance services can have a positive impact on altcoin prices even amid broader market lulls such as those we’ve seen over recent days