OKB token experienced a significant surge today, reaching a new high and surpassing the $140 mark, representing a 220% increase from its lowest point this year. This rally is driven by the successful implementation of OKX’s major upgrade to the X Layer blockchain platform, which has led to increased transaction speed and lower costs for users. However, this bullish momentum may be met with a correction. The funding rate turned negative, signaling decreasing investor confidence in future price appreciation, which could ultimately lead to a potential crash. 10% of OKB tokens were removed from circulation through a single-instance burn following the upgrade, reducing total supply to 21 million. Analysts are also watching for catalysts like the rumored OKX IPO later this year as well as other market trends that could influence price movement.