The OKX exchange has burned approximately 11.48 million OKB, equivalent to about $744 million. This helps it maintain a positive stance in the market.
According to reports, OKX conducted its 23rd buyback and burn of OKB tokens on March 16. The renowned exchange has once again burned approximately 11.48 million OKB, equivalent to about $744 million, setting a new record high.
It’s worth noting that OKX previously burned OKB in December 2023, when the exchange repurchased and burned tokens worth around $630 million. However, the latest burning activity has a value exceeding $114 million.
The cryptocurrency community believes that burning tokens like this is a price-boosting motivator. It reduces a portion of the supply, making the asset scarcer. This will help increase its value over time.
With the optimistic sentiment from the token burn, the price of OKB has seen a slight positive reaction at the time of writing. Currently, it is trading at around $66.36 and experiencing a slight increase of about 2.7%.
OKB has responded positively immediately after the token burn, and it has climbed 4 ranks to occupy the 31st position on CoinmarketCap, with a market capitalization of $3.972 billion.
The token burn is a quarterly event scheduled by the OKX exchange, and users are still anticipating another burning event to take place around the middle of this year.
