Cryptocurrency exchange OKX burned 279 million OKB at once for $26 billion
Cryptus Exchange OK permanently burned 278,999,999 OKB tokens, which are now valued at over $26 billion.
The transaction comes after the exchange announced Wednesday that it would burn about 65,26 million tokens accumulated from past buyback programs and held in the company’s reserves as part of an overhaul of OKB’s tokenomics model. The total amount of tokens burned effectively reduced the total supply from 300 million to 21 million OKB.
Another change announced by the crypto exchange will be an update to the token smart contract to manually cancel the release and burn tokens.
OKTChain Blockchain by OK will be closed in the future, but will continue to operate until January 1, 2026. OKT tokens have reportedly already been converted into OKB at a rate calculated based on average closing prices between July 13 and August 12.
Following the burn announcement, OKB price rose to $120 per share token, but the rate has since dropped to about $96. Over the past XNUMX hours kriptovalyuta fell by almost 8,3%, but over the past seven days, the price of OKB has increased by 108%.
