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OKB Token Continues to Rally Following OKX Token Burn
The post OKB Token Continues to Rally Following OKX Token Burn appeared on BitcoinEthereumNews.com. OKB has soared more than 300% following a major token burn on Aug. 15. OKB, the native utility token of the OKX exchange, extended its rally on Thursday, Aug. 21, less than a week after OKX carried out a major token burn on Aug. 15 and introduced strategic upgrades to its blockchain infrastructure. OKB jumped as much as 70% early Thursday to reach $239, representing a 391% gain over the past two weeks, according to CoinGecko. The token has since retraced to $217, still up 28% on the day and more than 121% over the past week. OKB Chart The rally, which began around a week ago, comes after OKX’s Aug. 13 announcement that it would permanently burn 65,256,712 OKB tokens, worth roughly $14.2 billion at the time of publishing. The burn represented around three-quarters of its previous circulating supply. The move is part of a broader overhaul that includes an X Layer network upgrade and a revamp of OKB’s economic model. The burn cut the token’s circulating supply to 21 million, limiting availability and fueling demand in a way that experts say mirrors Bitcoin’s scarcity model. Bitcoin, which is currently trading at $112,600, has a circulating supply that is permanently capped at 21 million. Moreover, the move positions OKB primarily as the native gas token for X Layer rather than a revenue-sharing exchange coin. X Layer is an Ethereum Layer 2 (L2) network built by OKX in collaboration with Polygon Labs. Controversial Move While the surge reflects heightened demand, David Carvalho, CEO of Naoris Protocol, told The Defiant that such moves can also attract criticism. Carvalho explained that from a regulatory perspective, dramatic supply changes “may draw scrutiny to market manipulation rules,” especially as international regulators continue to focus on exchange governance standards. He noted that the move highlights…
The post OKB Token Continues to Rally Following OKX Token Burn appeared on BitcoinEthereumNews.com.
OKB has soared more than 300% following a major token burn on Aug. 15. OKB, the native utility token of the OKX exchange, extended its rally on Thursday, Aug. 21, less than a week after OKX carried out a major token burn on Aug. 15 and introduced strategic upgrades to its blockchain infrastructure. OKB jumped as much as 70% early Thursday to reach $239, representing a 391% gain over the past two weeks, according to CoinGecko. The token has since retraced to $217, still up 28% on the day and more than 121% over the past week. OKB Chart The rally, which began around a week ago, comes after OKX’s Aug. 13 announcement that it would permanently burn 65,256,712 OKB tokens, worth roughly $14.2 billion at the time of publishing. The burn represented around three-quarters of its previous circulating supply. The move is part of a broader overhaul that includes an X Layer network upgrade and a revamp of OKB’s economic model. The burn cut the token’s circulating supply to 21 million, limiting availability and fueling demand in a way that experts say mirrors Bitcoin’s scarcity model. Bitcoin, which is currently trading at $112,600, has a circulating supply that is permanently capped at 21 million. Moreover, the move positions OKB primarily as the native gas token for X Layer rather than a revenue-sharing exchange coin. X Layer is an Ethereum Layer 2 (L2) network built by OKX in collaboration with Polygon Labs. Controversial Move While the surge reflects heightened demand, David Carvalho, CEO of Naoris Protocol, told The Defiant that such moves can also attract criticism. Carvalho explained that from a regulatory perspective, dramatic supply changes “may draw scrutiny to market manipulation rules,” especially as international regulators continue to focus on exchange governance standards. He noted that the move highlights…
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