While significant volatility followed the FOMC meeting in the cryptocurrency markets, major exchange OKX announced a substantial development. OKX, which has conducted several burns in the past, completed its 22nd OKB token burn.
Buyback from OKX Exchange
On December 14, OKX carried out its 22nd OKB buyback, followed by its customary token burn. What was even more significant was the number of OKB tokens burned. The current value of the burned OKB amounts to 630 million dollars, totaling 10.53 million tokens.
This number pointed to a new record. OKX had previously not disclosed specific rules about the burn but had indicated that transactions would be carried out depending on the market’s operational performance.
Current Status of OKB Coin
Following the announcement of the burn, OKB Coin did not experience significant price movement, trading at a neutral level of $59.66. Unlike the price increases that followed previous burns, this time the rise was not reflected in the prices.
The news also did not positively affect the last 24-hour volume of OKB. The volume decreased by 43% and reached 13.8 million dollars. However, the overall market cap of the altcoin increased by 1.54% to a level of 3.6 billion dollars. It is possible that the impact of the burn on the price may be seen in the coming days.
After the FOMC decision, there was a relief in the crypto market. Bitcoin and altcoins saw noticeable price increases, with predictions already being made that this trend could continue into 2024. Renowned analyst Michael van de Poppe drew attention to a potential price increase akin to a Christmas rally, highlighting that the price could rise to as much as $50,000 in the short term.
