OKB, the OKX cryptocurrency exchange token, more than tripled to a record after the company has executed a punctual burn of 65.26 million OKB, reducing the offer by more than 50%.
The combustion of the value of approximately $ 7.6 billion of tokens permanently reduces the maximum offer to 21 million, in accordance with the dur co -coated cap in bitcoin
. The burn or the sending of tokens to a portfolio address that cannot be accessible, was made from OKX reserves and represents one of the biggest deflationary events in the history of exchange tokens.
The effect of the burn was instantaneous. OKB increased to $ 142 of $ 46 before releaseing at around $ 102. The volume of negotiations skyrocketed from 13,000% to $ 723 million while the traders were trying to capitalize on the shock of the offer.
The strategy reflects that of BNB, the BNB chain token, which is associated with a rival exchange. This undergoes quarterly burns that often precede short -term gatherings.
Supporting this story, the OKB turnover ratio, a measurement of commercial activity compared to the offer, increased by 0.03 before the announcement to 0.093, signaling an increased speculative and strategic positioning.
The sustained price momentum will depend on the question of whether OKX can continue to stimulate the adoption of its layer X blockchain, of which OKB is the native token. To this end, the scholarship plans to increase the transaction speed and reduce gas prices, according to a blog post. This will also remove OKB tokens based on Ethereum, which can now be exchanged for X Layer versions.
