The OSMO token gained over 11% in the past 24 hours, amid muted performance from most major cryptocurrencies.

The native token of the Osmosis DeFi hub network was changing hands for $1.32 at 9:28 a.m. ET today, according to The Block's Prices Page.

Over the past month, the token has posted a significant rally of over 100%. This coincides with a notable surge in trading volume and increased network activity, according to analysts.

Onchain data from the Osmosis Data Interface shows a spike to over $241 million in trading volume on its flagship DEX during the past week alone.

Osmosis trading volume surges

Nansen analyst Jake Kennis noted that although the protocol had implemented significant updates throughout 2022 …