OKX token shoots 100% upwards after mass burning

The cryptocurrency market values that a financial asset is scarce and does not abound too much. And thus it was demonstrated with the native token of Exchange OKX, called OKB, which explosively increased this Wednesday, August 13.

As can be seen in the following trainingView graph, OKB went from the USD 45 to 141 dollars in minutesbreaking the trend that crawls since the beginning of the year, in which the price of that token ranged between USD 40 and 60 dollars.

The increase occurred after the historical burning of 65.2 million OKB was known (which is equivalent to 50% of its supply) by that exchanges house, which is the largest fifth in the world by commerce volume and, as we have verified in cryptonotic, one of the most complete exchanges in the market.

According to Exchange himself, the burning reduced OKB’s total supply to a maximum of 21 million tokens, a measure that the market has received with enthusiasm, leading to the price of Token to an increase of 150% in a matter of minutes.

OKX said the 65.2 million burnt OKB tokens were accumulated in the Exchange Treasury reserves and came from repurchases made by that entity. The burning was made by transfer of these assets to a “direction of black hole”, that is, a wallet that cannot be recovered, which implies the absolute loss of the funds.

Due to the explosive increase, OKB now leads the market in terms of weekly performance, surpassing other prominent tokens such as Aerodrome Finance (Aero), which increased by 80%, and Dao Lido (Lido), which rose 67% in the same week.

OKB increase reflects a trend in the market that values the shortage of financial assets, a phenomenon that is also observed mainly with Bitcoin. Since 2017, BTC has experienced an increase of 2,600% in its value, mainly due to its supply limited to 21 million currencies and the scheduled reduction of its reward every four years, which ensures a controlled offer over time.