In recent days, the OKB token has shown an impressive rise, increasing by 104%. This surge has sparked discussions about its potential bullish cycle.
65 Million OKB Burned and Supply Capped
On August 15, OKX burned 65.26 million OKB tokens worth approximately $7.3 billion. This reduced the total token supply to 21 million. With 52% of circulating tokens lost permanently, such measures enhance demand while maintaining the token's utility. Historical data shows that similar actions often lead to significant rallies.
Upcoming X Layer Network Upgrade
In addition, OKX conducted an upgrade to its X Layer, increasing its throughput to 5000 TPS and integrating it with core products such as wallet and exchange. This upgrade provides a basis for a more stable long-term outlook, attracting more developers and users.
OKB Technical Indicators
On the weekly chart, OKB has shown a sharp increase with high volume and demand from investors. However, current technical indicators such as RSI indicate overbought conditions, suggesting a potential correction or consolidation phase. Nevertheless, the bullish trend is supported by MACD. Short-term traders should anticipate increased volatility.
The OKB token has demonstrated significant growth due to token burns and network upgrades, but traders should remain cautious of possible corrections.
