OKB, the native token of crypto exchange OKX, surged to a new all-time high, doubling in value as the exchange announced a major reduction in its supply. On August 13, OKX revealed plans to burn over 65 million OKB tokens, significantly impacting the token's availability and driving demand. The price spiked to around $135 before stabilizing at $103. The token, which also serves as the gas token for OKX’s X-Layer Ethereum layer-2 network, saw a massive trading volume of approximately $3.5 billion. In conjunction with the supply reduction, OKX is upgrading X-Layer to enhance its performance, aiming to establish it as a leading network for decentralized finance and other applications. The ongoing changes are part of broader efforts to boost engagement with their cryptocurrency among users and investors, including a conversion of OKT tokens to OKB. This strategic update aligns with the current bullish sentiment in the crypto market, further emphasizing the evolving landscape of digital assets.

Source 🔗