Ocean Protocol is up 29%, making it the biggest gainer today on Crypto.com. With a market cap of $829 million and a 24-hour trading volume of $333 million, OCEAN is in the spotlight. What is Ocean Protocol? Why is the price rising so much? Let’s find out.
What Is Ocean Protocol?
Ocean Protocol is a Web3 project focusing on building tools for the next-generation web economy. It unlocks the value of data by allowing data owners and consumers to use the Ocean Market app to publish, discover, and consume data in a secure and privacy-preserving way.
According to their official website:
“Ocean datatokens wrap data services as industry-standard ERC20 tokens. This enables data wallets, data exchanges, and data co-ops by leveraging crypto wallets, exchanges, and other decentralized finance (DeFi) tools.”
Ocean Protocol features a fully working data marketplace with dozens of data sets currently available.
Some of the datasets with the highest liquidity include:
Product Pages – Including over 1 million Amazon.com listings.
Swash – Consumer Browsing Data, including users’ surfing data through a browser plugin.
Ocean Market Data – Including pool trends and charts, offering hourly activity for popular data pools.
Users can connect their Metamas wallet to use, pool, or trade the various datasets for OCEAN. The datasets are available on multiple chains, including Ethereum, Binance Smart Chain, Moonriver, Energy Web Chain, and Polygon.
OCEAN is the perfect tool for the Web3 data economy, keeping the data sets decentralized and easily accessible.
Why Is Ocean Protocol Price Rising?
Ocean Protocol has been making moves in crypto as of late. In addition to recently opening their subreddit to the public, OCEAN got listed on Bitkub, the number one licensed cryptocurrency exchange in Thailand.
One of today’s most significant news for Ocean is the upcoming launch of H2O, an OCEAN-backed, non-pegged stable asset. Similar to DAI, which uses ETH as its asset for collateral, H2O will use OCEAN.
The two main benefits that H2O Token will offer to Ocean Protocol are the ability to stake OCEAN and reduce the risk of price fluctuations for data markets.
OCEAN’s price pump started a few hours before the announcement, suggesting it was the catalyst for the recent price hike.
With a market cap of $818 million, it’s clear that OCEAN is looking to reach a $1 billion valuation. To achieve a $1 billion valuation, OCEAN will need to trade at the $1.63 level. However, until OCEAN can reach that level, it will have to break through the $1.5 resistance.
There’s no doubt that OCEAN can reach a $1 billion valuation. However, whether that will happen in the short term is up for debate.
With Web3 settings itself up to be the next hype after the Metaverse, OCEAN makes for a great long-term hold for 2022.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.