CoinDesk Analysis Team
CoinDesk
Crypto exchange OKX burned over $258 million worth of its okb (OKB) 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.
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.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum (ETH) has seen immense buying from whales on Thursday following core developers fixing April 30 as a tentative date for the Pectra upgrade to go live on mainnet.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC stabilizes while ETH and XRP show weakness
Bitcoin (BTC) price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders.
Cronos, CRO, jumps as SEC drops investigation into Crypto.com
Cronos (CRO), the native token of crypto exchange Crypto.com, rallied more than 10% on Thursday after announcing that the Securities & Exchange Commission (SEC) has dropped its investigation into the company.
U.S. Government spotted moving 97 BTC and 884 ETH: Sell-off or Stockpile?
The U.S. government’s recent $10.23 million Bitcoin and Ethereum transfer has sparked speculation about potential liquidation or strategic accumulation under new policies.
Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.