- Based on experiences, OKX carried out the twenty third buyout and burning of OKB on March 16.
- The crypto alternate burned roughly 11.48 million OKB, which equates to roughly $744 million.
- The newest burn train tops the earlier one by about $114 million and set a report.
Based on experiences, OKX carried out the twenty third buyout and burning of OKB on March 16. The famend cryptocurrency alternate burned roughly 11.48 million OKB, which is equal to about $744 million, setting a brand new excessive as soon as once more.
It is very important notice that OKX beforehand mentioned it will hearth OKB based mostly on market and operational efficiency, with out specifying particular guidelines. The newest burn train tops the earlier one by about $114 million. The final OKB burn was in December 2023, when OKX purchased again and burned roughly $630 million price of OKB tokens.
Cryptocurrency customers think about such token burning workouts to be bullish in value dynamics. It removes a number of the cryptocurrency provide from circulation, making the asset extra scarce. The induced shortage then triggers a rise in worth over time.
Regardless of the bullish sentiment related to the burns, OKB’s value has not reacted in addition to on the time of writing. As a substitute, the worth fell barely, falling from the each day opening value of $67.01 to $66.16 on the time of writing, in response to knowledge from TradingView.
The worth pattern of OKB is no surprise contemplating the way it has developed prior to now after earlier token burns. Historic knowledge reveals a constant sample, with OKB barely reacting positively after a token burn. As a substitute, it collapses or trades sideways for a number of weeks earlier than experiencing a rally.
OKB is at present ranked #35 on CoinmarketCap with a market cap of $3.97 billion. The token burn train is a quarterly occasion scheduled by OKX, and customers anticipate the subsequent token buyback and burn to happen round mid-year.
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