What is OPEN Crypto? Open Database Price Has Just Soared +200% – Here’s the Reason
What is OPEN Crypto? Open Database Price Has Just Surged by +200% – Here’s the Reason
OpenLedger’s token surged by +200% within its initial 24 hours. But will this upswing sustain, or is it merely a launch-day surge? Here’s an in-depth examination.
The initiative sets out to create what it terms a “Payable AI” economy, wherein datasets, AI models, and agents can be traded with verifiable attribution and fair remuneration.
Its infrastructure employs tools like Datanets, ModelFactory, and OpenLoRA to facilitate collaborative AI development. The design utilizes a dual-layer approach of off-chain inference paired with on-chain settlement, aimed at maintaining rewards that are both transparent and traceable.
The first trading period of the coin was characterized by significant price swings.
Based on CoinGecko, OPEN climbed nearly +200% in just 24 hours, reaching a peak of $1.82 on September 9. It subsequently stabilized around $1.67, with trading volumes approximately $66.5M.
Earlier in the day, the crypto token momentarily fell to $0.4375. With a circulating supply of about 220M tokens, CoinGecko assessed the project’s valuation at roughly 2,753 BTC, ranking it #256 among global cryptocurrencies.
The network further estimated the token supply at 215.5M tokens, attributing a trading market cap of $311.5M to the project.
Regardless of the variations, both sources emphasize a spectacular launch that has swiftly placed OpenLedger on traders’ radars.
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OPEN Price Forecast: Can Retaining the $1.50 Range Initiate Another Surge?
OPEN’s hourly chart on Kraken indicates a steep pullback following a climb toward $1.95, with the crypto token lingering around $1.58 as profit-taking subdued earlier buying.
(Source – OPEN USDT, TradingView)
The hour started at $1.6145, briefly reached $1.6163, then dropped to $1.5705. Long upper wicks indicate a strong rejection of rallies, notably above the mid-$1.80s.
The broad range and rapid spike-then-reversal suggest speculative trading. Reported volume near 7.82K during the movement indicates quick, temporary positions rather than consistent accumulation.
This appears to be a failed price breakout effort. Sellers pushed the price back under the $1.60 mark soon after the surge toward $1.95. Approximately $1.58 now serves as a pivot point. Immediate resistance lies between $1.70 and $1.75. Initial base level hovers around $1.50, with $1.45 next if pressure intensifies.
A definitive hourly close above $1.75 is required to reinstate uptrend control.
The overall sentiment remains positive following today’s spike, but momentum is fading. Traders are realizing profits, and the trading market has shifted into a volatile consolidation with significant swings.
Long red candles after the peak indicate heavier selling against the strength. Nonetheless, the structure can stay positive if supports remain intact and pullbacks remain modest.
Currently, OPEN is processing a swift advance within a broad range. Maintaining the $1.50 area could stabilize the price and prompt another push against price ceiling. Losing this level could lead to a deeper retracement toward $1.45.
With trading market sentiment volatile and market fluidity inconsistent, upcoming hourly closes will hint whether this was just a brief overextension or the calm before another upward move.
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What Caused Major Exchange Listings to Propel OPEN’s Surge?
The upswing coincided with OPEN’s listings on several prominent exchanges. On September 8, Bitget added OPEN/USDT to its “Innovation and AI Zone” at 13:00 UTC, with withdrawals planned for September 9.
KuCoin also launched OPEN/USDT on the same day, following a one-hour call auction that commenced at 12:00 UTC. Kraken confirmed its own listing shortly afterward, initiating deposits and trading once market fluidity criteria were satisfied.
These simultaneous listings enhanced access and stimulated demand. Concurrently, exchanges such as MEXC provided airdrops and trading fee reductions to attract more users.
Token design further contributed to the upswing. Early unlocks, airdrops for holders, locking tokens incentives, and contributor bonuses fostered high community engagement.
In addition to trading platform activity, OPEN benefited from the wider trading market interest in AI-related crypto projects. Its model, centered on transparent and monetized AI contributions, aligns perfectly with the increasing narrative of distributed database and artificial intelligence merging, providing additional momentum for its growth.
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