OKB Soars 110% After 279M Token Burn & X Layer Upgrade
OKX announced a one-time burn of 65.2 million OKB and subsequently executed a permanent burn of 279 million OKB tokens, cutting the total supply from 300 million to a fixed cap of 21 million. The dual token burns, valued at over $26 billion, triggered a price rally that saw OKB surge 110% to an all-time high of $148.90. Trading volume spiked by more than 17,000%, and market cap climbed from $2.8 billion to $8 billion before settling at $6.3 billion.
Despite a brief 9.4% pullback amid a broader altcoin flash crash, on-chain metrics—active addresses at yearly highs and a positive Price-DAA divergence—signal strong organic demand. OKX also upgraded its X Layer into a dedicated public blockchain optimized for DeFi and payments, implemented a zkEVM upgrade using Polygon CDK to boost throughput to 5,000 TPS and cut gas fees, and announced an OKT-to-OKB swap based on average closing prices from July 13 to August 12. Technical indicators are overbought (RSI 94, Stochastic RSI 95), hinting at possible short-term corrections toward support around $74. Traders should monitor OKB volume, netflows, moving averages, RSI, and network activity on the upgraded X Layer for optimal entry points.
Bullish
The dual token burns sharply reduced OKB’s circulating supply, driving scarcity and a strong price rally. High trading volume, a surge in active addresses, and positive Price-DAA divergence confirm growing organic demand. The X Layer upgrade and zkEVM integration enhance network throughput and DeFi utility, attracting new institutional interest. Although overbought indicators (RSI, Stochastic RSI) suggest potential short-term corrections toward support at $74, the capped supply and improved tokenomics underpin a bullish long-term outlook. Traders should watch volume, netflows, and momentum for entry opportunities.