OKX to Retire Over 65 Million Tokens, Sending Price to New Highs

• OKX announced it will burn 65,256,712.097 OKB tokens, valued at approximately $7.6 billion
• Following the burn, OKB’s maximum supply will be permanently capped at 21 million
• OKB prices exploded, surging over 150%, while the trading volume soared by 13,000%

OKX announced it will burn 65,256,712.097 OKB tokens, valued at approximately $7.6 billion. The huge deflationary action ranks among the largest in the history of cryptocurrency exchange tokens.

Following the burn, OKB’s maximum supply will be permanently capped at 21 million. The new token contract has been designed to permanently eliminate both minting and manual burning capabilities, thereby making the total supply immutable.

Almost immediately after OKX’s announcement, OKB prices exploded, surging over 150%. The token briefly traded at around $134-$142, and it’s currently hovering at about $106. Also, trading volume soared by 13,000%, reaching $723 million.

Related: SHIB Burn Explained: Everything to Know About Shiba Inu Coin Burning

This is part of OKX’s ongoing decision to upgrade its X Layer, which involves several steps, with some already completed and others expected to be finished wi…

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