OKX’s Massive Coin Burn Fuels Dramatic OKB Price Surge

OKX cryptocurrency exchange has implemented a significant tokenomics update, resulting in a notable price jump for its native token, OKB. The burn of approximately 65.26 million OKB coins from company reserves led to a staggering 170% increase within a single day, reaching an all-time high of $137. This move, aimed at stabilizing the coin supply and streamlining transactions, has ignited significant market interest. OKX plans to implement this burn in a one-time operation following which OKB’s total supply will be capped at 21 million.