The OKB token of the OKX platform gained significant attention following the announcement of an upcoming tokenomics upgrade and the burning of over 65 million tokens, contributing to a sharp price increase.
Announcement of Token Burn and Smart Contract Upgrade
On August 13, OKX announced an upcoming burn of over 65 million OKB tokens as part of its tokenomics improvement. This burn will include tokens accumulated from historical repurchases and treasury reserves. Additionally, an upgrade of the smart contract is planned to remove minting and burning functionalities. The burn will take place on August 15 at 2:00 PM (UTC+8), followed by the smart contract upgrade on August 18 at the same time.
Price Movement of OKB Token
Prior to the announcements, OKB was trading at $47 with a market cap of over $2.8 billion. Following the news of the proposed burn and contract upgrade, the token's price surged nearly 146%, reaching $137 and a market cap exceeding $8.24 billion, marking a new all-time high.
Current Market Situation
At the time of writing, OKB is trading above $109 with a market cap of over $6.5 billion, reflecting a rise of more than 137% in the past 24 hours.
The announcement regarding the token burn and smart contract upgrade had a significant impact on the price of OKB, demonstrating the market's strong reaction to changes in the tokenomics of the crypto asset.
