Staking app support adds to 700% weekly gains for new cryptocurrency top 100 entrant

A new entrant climbed into the top 100 cryptocurrencies by market capitalization on Tuesday, after a 75% overnight surge compounded 700% weekly growth for blockchain enterprise project Orbs.

The day prior, the project's ORBS token 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 Monday announcement.

From a starting price in the $0.168 range, the value of the Ethereum-based ORBS token increased 75% over 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. As of publication, three of the top five markets for the token came from trading pairs against the South Korean won.

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 the third quarter of 2020.