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Crypto Exchange OKX Burns $258M of OKB Tokens in Record Move
OKX periodically buys back and burns the tokens to reduce their supply on the open market.
Updated Jun 9, 2023, 9:10 a.m. Published Jun 9, 2023, 9:10 a.m.
Crypto exchange OKX burned over $258 million worth of its tokens from March to May in a planned move, sending the token higher as the broader crypto market remained little changed.
“In this round, the total number of OKB bought back and burned from the secondary market was 5,497,312.77 OKB” OKX said in its buy back-and-burn report released Friday.
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OKB tokens rose to $45 from $44 as details of the completed burn were released. They are up 1.4% in the past 24 hours. The token has a market capitalization of over $2.6 billion.
The buy-and-burn program was launched in May 2019, when OKX started to purchase OKB tokens from the original supply of 300,000,000 every three months, depending on seasonal market and operating performance.
Burn refers to the permanent deletion of tokens from circulating supply by sending them to a wallet address that is controlled by no one. A drop in supply can, over time, lead to price increases for such tokens if demand continues to grow.
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