OKB, token for cryptocurrency exchange OKX, more than tripled to a record high after the company performed a one-off burn of 65.26 million OKB, which cut the supply by more than 50%.
To burn the approx. 7.6 billion
. The combustion or sends tokens to a wallet address that cannot be accessed was performed from OKX’s reserves and represents one of the greatest deflationary events in exchange token history.
The effect of the combustion was immediate. OKB jumped to $ 142 from $ 46 before being dismissed to about $ 102. Trade volume Skyrocketed 13,000% to $ 723 million when dealers tried to utilize the supply shouting.
The strategy reflects it from BNB, the token for the BNB chain, which is associated with rival Exchange Binance. It undergoes quarterly burns that often precede short -term events.
Supports this tale, OKB’s turnover relationship, a measure of trading activity in relation to supply, spiking from 0.03 pre -settlement to 0.093, signaling for increased speculative and strategic positioning.
Persistent Prismomentum depends on whether OKX can continue to operate its X -Layer blockchain, where OKB is the native token. To this end, the exchange plans to increase transaction speed and reduce gas prices, according to a blog post. It will also phase out the Ethereum-based OKB tokens, which can now be redeemed to X-layer versions.
