The OKB token has achieved a historic high, surpassing $135, following events related to token burning and platform upgrades.
Price Surges Dramatically for OKB
The price of the OKB token has increased significantly, reaching a new record of $135. In the past 24 hours, the price has risen by 132%, with total trading volume exceeding $2.2 billion according to CoinGecko data. The primary factor behind this surge was the burn of over 65 million tokens, which reduced the total supply to 21 million.
Token Structure and Chain Changes
The existing OKT chain will be retired, and all tokens will be converted to OKB on August 15, 2025. During this transition, an ecosystem fund and liquidity rewards are planned, and the OKB token will remain the primary gas for the upgraded X Layer network.
Technical Readings and Trader View
The current Relative Strength Index (RSI) stands at 95, indicating strong buying pressure and an overbought market. The Balance of Power shows buyer dominance. Trader Efloud noted that one should enjoy profits, emphasizing high standards in his trading. He also mentioned he would watch for bullish structures if the price ranged between $43.3 and $42.4.
The sharp increase in the price of OKB highlights high market activity, and the infrastructure improvements in the network may attract even more investments and interest in the token.
