OKX Has Finished Burning $180 Million In OKB

Key Points:

• The OKX exchange reported the results of its 19th repurchase and burn program, in which 180 million USD of OKB were destroyed.
• The 19th cycle of the aforementioned program began in December of last year and will conclude on February 28, 2023.

The OKX exchange published the results of the 19th repurchase and burn program, which destroyed millions of OKBs.

Colin Wu, a Chinese crypto journalist and blogger, revealed that OKX has sold a large portion of their OKB tokens this year as part of its 19th buyback and burn initiative. Whale Alert found a big quantity of OKB moved from OKX to an anonymous wallet, resulting in the loss of $177,000,000 OKB.

According to a blog post, the 19th cycle of the aforementioned program began in December of last year and will conclude on February 28, 2023.

During that period, the OKB team purchased 5,183,976.43 OKB from the secondary market and delivered them to dead wallets, totaling about $177,000,000. According to the article, OKX spent 30% of the spot transaction charge when it purchased back OKB.

On March 23, the Whale Alert program spotted 26 OKB transactions. Each transaction moved 180,000 tokens, for a total of 4,680,000 OKB. All of them are delivered to the OKX burning wallet, 0xFf1Ee8604F9ec9C3bB292633bB939321AE861B30. When OKX creator, Star Xu, announced the introduction of a new OKBChain on February 16, the OKB price jumped to an all-time high of $52.31.

More than 99% of OKB investors are now profiting, according to statistics from sophisticated crypto analytics company IntoTheBlock. There are currently over 43,610 earning addresses vs just 262 losing addresses. OKB is down about 6% in the last week, but it doesn’t take away from its huge rise since the beginning of the year.

The present drop is considered a minor correction, as the digital currency has gained 69.43% year to date and over 97% in the last three months. Since the demise of the FTX Derivatives Exchange, the OKX Exchange has received more interest. Even if the larger market is open, this token is now regarded a high-growth digital currency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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