The prominent cryptocurrency exchange OKX recently confirmed in an announcement that it has successfully finished the 20th burn for the well-liked altcoin OKB. This process witnessed record repurchases and burns, withdrawing approximately 5.5 million OKB, equivalent to $244 million, from the token supply.
The Largest OKB Burn to Date
OKX, listed among the world’s largest cryptocurrency exchanges by volume, performed the biggest OKB repurchase and burn to date within the framework of its monthly burn program for OKB.
The 20th OKB burn, reflecting the total burns carried out over the quarter, was announced to have removed about 5.5 million OKB, valued at $244 million, from circulation between March 1, 2023, and May 31, 2023. According to OKX, when calculated based on a 90-day average price, the burned OKB is worth around $258 million.
Chinese crypto journalist Colin Wu reported that OKX carried out the highest quarterly OKB burn so far. With the 20th burn, the total number of burned OKB exceeded 64 million, reaching 64,042,314.
The crypto exchange, during its 19th OKB burn, had removed 5,183,976 OKB from circulation.
OKB Price Movement Following Burn Announcement
According to data provided by the crypto data platform CoinMarketCap, OKB swiftly started moving upward following the burn announcement. The altcoin, which rose by 1.40% in the last 24 hours, was trading at $45.02 at the time this report was compiled. OKB’s all-time high (ATH) was recorded at $58.46 on February 18. Currently, the altcoin is trading 23.07% below its ATH.
OKX describes OKB as a global utility token issued by the OKX Blockchain Foundation, enabling its holders to take advantage of various benefits on the exchange, including discounts, special access, and more.
