Following the planned move, OKX has burned a significant amount of OKB since the beginning of the Buy-Back & Burn program. The burn initiative started on March 1, after completing 20 rounds of the Buy-Back & Burn Program until May 31, 2023.
Some term it as a move in which OKX plans to boost the prices. As per the crypto exchange move, burning a token enhances cross-border payments.
As per the burn report published by OKX, it has purchased 5,497,312.77 OKB tokens from the secondary market and has burned them. As per the daily trading session, OKB surged 0.83% at press time; the native token of OKX was trading at $45.00 with a 24-hours trading volume of $3 Million.
According to CoinMarketCap, OKB trading volume slipped more than 35% in the last 24 hours. On February 18, 2023, the native token of the crypto exchange hit its all-time high and traded at $58.46.
As of June 9, 2023, the total burned tokens was 64,042,314.70 OKB, and the revised number of tokens in circulation is 235,957,685.30. CoinMarketCap ranked OKB the 22nd most valuable token in market capitalization and 364 in the context of the 24-trading volume.
The Seychelles-based crypto exchange is expanding services globally and is ranked second most prominent in terms of trading volume.
On June 6 TheCoinRepublic reported that OKX agreed to enlist the services of Komainu, a digital asset storage firm. This feature will enable institutional users to hold their crypto in the Norura-backed storage and use the funds to buy and sell on the exchange.
The partnership is a perfect example of how a centralized crypto exchange used traditional finance and segregation of operations using third-party software and protocols to avoid an FTX-like disaster.
The crypto market’s ongoing scenario is worsening daily because of regulatory pressure and incomplete rules and regulations. Recently the Securities and Exchange Commission of the United States filed a lawsuit against one of the leading crypto exchanges, Coinbase.
Following the regulators’ action, prices, and trading volume of dozens of cryptocurrencies slipped 1-15% in just a couple of hours. At a point in time, Bitcoin plunged below $26k and was trading at 3% lower rates compared to other trading sessions.
At press time, Bitcoin was trading at $26,652 with a 24-hour trading volume of $12 Billion. The market capitalization of Bitcoin slipped over 1.74% in the last few days.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/09/cryptocurrency-exchange-okx-burnt-millions-of-okb-tokens/