In a strategic move to enhance the value of its native token, OKB, cryptocurrency exchange OKX has executed a planned burn of over $258 million worth of OKB tokens.
The buyback and burn program, initiated in May 2019, aims to reduce the circulating supply and potentially drive up the token’s price.
According to the recently released buyback report, OKX purchased and permanently removed 5,497,312.77 OKB tokens from the secondary market. This meticulous operation contributed to an immediate positive market response, as the price of OKB climbed from $44 to $45 upon the announcement.
Over the past 24 hours, the token has shown a 1.4% increase and boasts a substantial market capitalization exceeding $2.6 billion.
The burn process involves securely sending the tokens to a wallet address without any control by a specific entity, effectively reducing their availability in circulation. This decrease in supply has the potential to drive price appreciation over time, especially if demand for OKB continues to grow.
OKX’s token burn demonstrates a commitment to OKB’s value and market dynamics, fostering a resilient ecosystem for long-term stability. Positioned as a driving force in the token economy, OKX’s proactive approach paves the way for a promising future, sparking anticipation among stakeholders.
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