OKX Burns $258 mn Of OKB Tokens In Record Move
The planned burn of roughly $258 million worth of OKB tokens by cryptocurrency exchange OKX from March to May drove the price of the token higher while the overall crypto market barely changed.
According to OKX’s buy back-and-burn report, which was posted on Friday, “this round saw a total of 5 million OKB bought back and burned from the secondary market.”
As information of the finished burn was made public, the price of OKB tokens increased to $45 from $44. In the last 24 hours, they have increased 1.4%. The market value of the token is more over $2.6 billion.
The buy-and-burn programme was introduced in May 2019, when OKX began buying OKB tokens from the 300 million initial supply every three months, based on operating and seasonal market performance.
(With inputs from Shikha Singh)
You need to login in order to Like
