OKX Burns 65.26 Million OKB Tokens, Price Surges Over 200%
OKB, the token of OKX exchange, surged over 200% following a one-time burn of 65.26 million tokens, reducing supply by over 50%. This event decreased the maximum supply to 21 million, aligning it with Bitcoin's hard cap.
- The burn involved approximately $7.6 billion worth of tokens, marking a significant deflationary event.
- OKB's price rose from $46 to $142, later stabilizing around $102.
- Trading volume increased by 13,000% to $723 million due to the supply shock.
- The turnover ratio jumped from 0.03 to 0.093, indicating heightened trading activity.
- Sustained momentum depends on OKX's ability to enhance its X Layer blockchain and reduce transaction costs.
- OKX will phase out Ethereum-based OKB tokens in favor of X Layer versions.
