10.04.2024

OKX destroyed a record number of tokens during its 36th burnout

One of the largest crypto exchanges conducted the 23rd burning of native tokens. This time, about 11.48 million OKBs worth about $744 million were destroyed. This became the largest burning in the history of the exchange.

The previous procedure took place in December 2023, then the platform bought out and destroyed OKB worth about $630 million.

OKX representatives previously said that the quarterly token burn procedure will be based on market and operational indicators. They did not disclose other details.

Traditionally, token burn has a bullish effect on the rate dynamics as some of the cryptocurrency goes out of circulation, reducing supply. The artificially induced scarcity leads to an increase in the value of the asset.

But despite the bullish sentiment associated with token burning, the OKB price reacted differently. The cryptocurrency fell in price from $67.01 to $66.16, but then recovered slightly to $66.38.

OKB exhibits similar price behavior after almost every burn. First, the token makes a drop or shows a sideways movement for a few weeks, and then its rally begins. Now OKB occupies the 36th line of the rating of cryptocurrencies by market capitalization.

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Коля Мельниченко

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