Staking app support tops 700% weekly gains for new cryptocurrency top 100 entrant
A new entrant climbed into the cryptocurrency market cap top 100 on March 16, after a 75% overnight surge compounded 700% weekly growth for blockchain enterprise project Orbs (ORBS).
One day previously, Orbs had been announced as the latest addition to Moonstake’s staking wallet, which returns interest to users who stake their cryptocurrencies. The partnership between Orbs and Moonstake will also see the pair combine to increase the adoption of blockchain technology in the banking and finance industry, according to a March 15 announcement.
From a starting price in the $0.168 range, the value of the Ethereum-based Orbs token increased 75% across 24 hours, briefly hitting a new all-time high of $0.295, according to data from CoinMarketCap.
Orbs struck new all-time highs all week, soaring past its previous top of $0.04 on the way to 704% growth over seven days. Three of the top five markets for the token came from trading pairs against the Korean won on the day of publication.
Orbs was founded in 2017 with main offices in Israel and focuses on building public, decentralized blockchain infrastructure for use by businesses and enterprises. Orbs co-founder and CEO Daniel Peled said that the partnership with Moonstake would bring more businesses onto the blockchain in Southeast Asia and the Middle East.
Moonstake provides Proof-of-Stake rewards for eight cryptocurrencies, reportedly bringing in $800 million in staked coins since launching in Q3 of 2020.