OKX executed a planned burning of its OKB tokens, amounting to more than $258 million, during the period from March to May. As a result of this move, the value of the token increased while the broader cryptocurrency market remained relatively stable.
According to OKX’s buyback and burn report released on Friday, a total of 5,497,312.77 OKB tokens were repurchased and burned from the secondary market. Following the announcement of the completed burn, the price of OKB tokens rose from $44 to $45. Over the past 24 hours, OKB tokens have seen a 1.4% increase and currently hold a market capitalization exceeding $2.6 billion.
The buy-and-burn program, initiated in May 2019, involves OKX purchasing OKB tokens from the original supply of 300,000,000 every three months, based on seasonal market conditions and operational performance.
Crypto burn refers to the process of permanently removing a portion of a cryptocurrency’s token supply from circulation. It is typically done by sending the tokens to an address where they become unspendable or are destroyed in a verifiable manner. The purpose of burning tokens can vary depending on the cryptocurrency project’s goals and objectives.
Also Read: Stablecoin Bill Unveiled by US House to Provide Guidance and Strengthen Fed Oversight
OKX, the official cryptocurrency exchange partner of Manchester City Football Club, has announced its support for the club as they reach a significant Final in Istanbul, Turkey, on June 10. Ahead of the match at Atatürk Olympic Stadium, where they will compete against Inter Milan, the Manchester City players will wear the OKX Training Kit.
Turkey holds strategic importance in OKX’s global expansion plans, and the company is actively working towards establishing new offices in the country in the upcoming months. OKX has recently strengthened its commitment to the Turkish market by announcing an expanded presence and participating in events such as the Blockchain Economy Istanbul Summit and Istanbul Fintech Week.
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