OKB is currently trading at $96.11, corresponding with a 110% increase in 7 days amid intense token burn and new integrations.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
OKB OKB $93.19 24h volatility: 7.0% Market cap: $1.96 B Vol. 24h: $804.98 M , the native token of the OKX cryptocurrency exchange, has registered a staggering 110% increase in price over the last 7 days.
This suggests renewed interest in the digital asset and, possibly, growing institutional demand, a trend now common with crypto assets.
The price rally coincides with a recent massive incineration of 279 million OKB.
On-chain data shows that OKX recently conducted a permanent burn of 279 million OKB tokens.
Based on the spot market price at the time, this stash was worth approximately $26 billion.
Ordinarily, a burn to cut the supply of a digital asset usually translates into a price spike, all things being equal. Hence, it is not unfounded that the OKB price jumped within the time span.
However, at press time, OKB was trading at $96.11, down by 9.42% in the last 24 hours. This short-term reversal is a sign of the flash crash that the broad altcoin market recorded. That being said, OKB’s Moving Average and RSI suggest a possible breakout is on the horizon.
OKB price chart. | Source: TradingView
Earlier this week, OKX announced its plan to conduct a burn of approximately 65.26 million tokens.
Most of these tokens were accumulated via past buyback programs, and they were held in company reserves as part of an overhaul of its OKB tokenomics model.
As a result of the burn amount, the total supply has now been effectively trimmed from 300 million tokens to 21 million tokens.
As part of an update to the token’s smart contract, there will be the removal of minting and manual token burns, all geared towards a tokenomics upgrade.
In addition to OKB’s 7-day price rally and OKX’s integration with PayPal, the ecosystem has recorded some other notable milestones.
It upgraded its X Layer to a more advanced public blockchain that is optimized for Decentralized Finance (DeFi) and payment applications. The new system will leverage OKX’s existing infrastructure.
It truncates OKTChain, but it will remain operational until January 1, 2026. Also, it brings about the swap of OKT tokens to OKB at an exchange rate determined by average closing prices between July 13 and August 12.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
