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OKB Climbs Past $200 Mark Amid Growing Momentum
OKX has successfully propelled its native token OKB to unprecedented heights as it surpassed the $200 mark, demonstrating a remarkable 53.31% surge in the last 24 hours. The sudden and unexpected increase in value is attributed primarily to the recent tokenomics change, combined with technological advancements and strategic moves aimed at strengthening the OKX blockchain ecosystem.
The monumental decision made by OKX involved burning approximately 65 million OKB tokens worth a staggering $7.3 billion. This drastic reduction in the circulating supply drastically tightened the market dynamics, mimicking Bitcoin’s famously fixed supply. This supply shock resulted in an extraordinary increase in trading volumes of nearly 19,000%, prompting analysts to draw parallels with Bitcoin’s deflationary mechanisms.
In another major development, OKX has launched X Layer, a Polygon zkEVM-powered blockchain architecture capable of processing up to 5,000 transactions per second at near-zero costs. This upgrade not only shifted the token’s functionality beyond being a simple utility token but also significantly improved transaction efficiency and security, ultimately enhancing its practical and utility value.
Furthermore, OKX has decided to shut down its old blockchain, OKTChain, which was built on Cosmos. In this context, more than 1.3 million OKT tokens were converted into OKB tokens. This move brought everything together under a single token (OKB), further amplifying its appeal and demand.
Concurrently, enthusiasm around potential future catalysts such as the impending IPO in the United States also fueled bullish sentiments, making OKB an attractive asset for institutional and retail investors alike.
Source: www.cryptonewsz.com
