OKB, the OKX cryptocurrency exchange token, tripled a higher record after the company executed a unique burn of 65.26 million OKB, reducing the supply by more than 50%.
Burning tokens of approximately $ 7.6 billion permanently reduces the maximum supply to 21 million, in line with the hard limit encoded in Bitcoins
. The burn, or sending the tokens to a wallet address that cannot be accessed, was carried out from the OKX reserves and represents one of the largest deflation events in the history of Token of Exchange.
The effect of the burn was instantaneous. OKB increased to $ 142 of $ 46 before reducing around $ 102. The negotiation volume shot 13,000% to $ 723 million as merchants tried to capitalize on the supply shock.
The strategy reflects that of BNB, the token of the BNB chain, which is associated with the rival exchange binance. That suffers quarterly burns that often precede the short -term manifestations.
Supporting that narrative, the OKB rotation ratio, a measure of commercial activity in relation to the supply, increased from 0.03 prior to the announcement to 0.093, signaling increased speculative and strategic positioning.
The sustained price impulse will depend on Si OKX can continue to drive the adoption of its X -block block chain, of which OKB is the native token. To that end, the exchange plans to increase the transaction speed and reduce gas prices, according to a blog post. It will also eliminate the elimination of OKB tokens based on Ethereum, which can now be exchanged for the versions of layer X.
