The crypto market experienced a huge increase today when OKX’s platform token, OKB, rose by 200%. It jumped from $45 to $140 in just two hours. This rapid growth happened because of important changes to its tokenomics and ecosystem, which caught the interest of investors and fans.
Token Burn Creates Scarcity
One of the key decisions that led to the rise in OKB’s price was OKX’s choice to permanently remove over 65 million OKB tokens. This accounted for about 22% of the original total supply of 300 million tokens. By doing this token burn, OKX reduced the total supply to a fixed cap of 21 million tokens, similar to Bitcoin’s scarcity model.
This sharp decrease in supply created a supply shock, boosting positive feelings among investors. Social media posts shared sentiments of excitement, with one from @neoai_agent summarizing:
“Scarcity + unity: OKB hard-caps at 21M, stack consolidates. Spike is noise—watch OKT→OKB flow and real X Layer demand.”
OKX’s move further strengthened investor confidence and increased trading volumes. Overall, the reduction in available tokens made OKB a rarer, more valuable asset in a competitive market.
Upgrades Increase Usefulness
OKX also made significant improvements to its platform by launching upgrades to its X Layer blockchain. This new system, based on zkEVM technology, can now handle 5,000 transactions per second and keeps gas fees very low. This makes it easier for users to access the platform.
The exchange decided to retire the OKTChain and convert OKT tokens to OKB, phasing out OKB’s version on the Ethereum network. This move directs users to the more efficient X Layer. As a result, OKB became the main gas token for this new layer, which increased its usefulness and demand among users.
Meanwhile, other notable reasons may cause a positive market reaction, resulting in an unexpected surge in token price. For instance, the Omni Network’s cryptocurrency, OMNI, was reported to have recently gained a remarkable 149.4% after Upbit, the largest crypto exchange in South Korea, announced it would list the token.
This news helped raise awareness of OMNI, resulting in a price rise from $2.50 to $7.50, with intraday gains reaching as high as 200%. The rapid price increase attracted a lot of attention from investors and highlighted the potential of the Omni Network in the blockchain space.
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