OKX Slashes OKB Token Supply by 50% With $7.6B Burn, Price Surges

OKB, the token of cryptocurrency speech OKX, much than tripled to a grounds precocious aft the institution executed a one-time pain of 65.26 cardinal OKB, cutting the proviso by much than 50%.

Burning the astir $7.6 cardinal worthy of tokens permanently reduces the maximum proviso to 21 million, successful enactment with the hard headdress coded into bitcoin (BTC). The burn, oregon sending the tokens to a wallet code that can't beryllium accessed, was carried retired from OKX’s reserves and represents 1 of the largest deflationary events successful speech token history.

The effect of the pain was instant. OKB jumped to $142 from $46 earlier retrenching to astir $102. Trading measurement skyrocketed 13,000% to $723 cardinal arsenic traders attempted to capitalize connected the proviso shock.

The strategy mirrors that of BNB, the token of BNB Chain, which is associated with rival speech Binance. That undergoes quarterly burns that often precede short-term rallies.

Supporting that narrative, OKB’s turnover ratio, a measurement of trading enactment comparative to supply, spiked from 0.03 pre-announcement to 0.093, signaling heightened speculative and strategical positioning.

Sustained terms momentum volition beryllium connected whether OKX tin proceed to thrust adoption of its X Layer blockchain, of which OKB is the autochthonal token. To that end, the speech plans to summation transaction velocity and trim state prices, according to a blog post. It volition besides beryllium phasing retired Ethereum-based OKB tokens, which tin present beryllium redeemed for X Layer versions.