OKB Price Prediction – OKX Announces 65M Token Burn

After months of consolidating in a very narrow zone, OKB, the native token of OKX, the world’s fifth-largest cryptocurrency exchange, has had a massive uptick of over 130% in the last 24 hours.

The reason? A monumental token burn announcement in which the exchange will burn 65.25 million OKB tokens.

Not only has this move led to a massive surge, it has also opened up conversations around what the future of OKB’s price would be. Will this exchange crypto continue climbing up, or is the surge just momentary and the market should expect a cooldown soon?

Upgrade to Optimize the OKX Gas Token Economic Model

The token burn announcement is part of a large ecosystem upgrade that involves altering the underlying technology to develop the OKX ecosystem even further.

There are five different sets of upgrades discussed in the recent announcement. They are as follows:

PP Upgrade

This upgrade comes after Polygon’s strategic adjustments to the Polygon stack. OKX’s X Layer has now fully integrated the Polygon CDK and has completed the PP upgrade. With this upgrade:

• OKX’s performance has increased, as evident by the rise of its TPS to 5,000.
• Gas costs have been reduced drastically.
• In terms of security, OKX is now more aligned with the Ethereum mainnet.

Ecosystem Construction

OKX is introducing an ecosystem fund and liquidity incentives to bring more developers and project teams to build on the X Layer. The latest upgrade will help with that by improving the X Layer, cross-chain bridges, oracles, and compliance services.

Deep Integration of X Layer with OKX Wallet, OKX Exchange, and OKX Play

With X Layer’s full integration with the OKX Wallet, low gas fees have become a reality. The integration with OKX Exchange now introduces zero-gas-fee withdrawals, and with X Layer being integrated with OKX Pay as a default public network, the entire ecosystem is poised to become faster.

Decommissioning the OKT Chain

OKX has stated that there is a high degree of overlap between OKT Chain and X Layer, which has prompted the exchange to start the OKT Chain decommissioning process.

OKB Economic Model Upgrade

The most drastic upgrade, however, is the new economic model, which will materialize as a single-instance burn of 65,256,712.097 OKB repurchased historically and held in treasury reserves.

Once the burn is complete, the OKB smart contract will be upgraded to remove mining and burning functionalities.

Impact of the New Tokenomics on the OKX Price

As evident from the recent price chart, the impact of the new tokenomics on the OKX price has been immediate. The price has moved up by more than 130% within the last 24 hours, thanks to increased demand and enhanced scarcity.

At the time of writing, the crypto is trading around the $107 level and has a market cap above $6.44 billion.

With the recent surge, the question arises: is the growth sustainable?

The simple answer is an obvious no. The RSI of 86 clearly shows that the crypto is very overbought, which means it is only a matter of time before a price correction happens. However, the degree of correction will depend on how fast the community loses interest.

That being said, the chances of the current price action ending abruptly are low because OKX is a renowned name within the cryptocurrency exchange space, and the new update could mean more collaboration and more institutional support. This is similar to the case of BNB, another exchange token that has also experienced massive growth (over 20% since last month).

OKX Price Prediction: Short and Long Term

Short-Term Price Prediction

Given that OKB has already surged in the short term, investors should expect the token’s price to go through some correction. For now, however, the daily charts show that bulls are still trying to prevent the crypto from going down further in value. If the bulls are successful, it is likely that OKB will start consolidating around the $88 mark. A drop below that, however, could pull the OKB price down to the level it was at the start of the day.

Long-Term Price Prediction

In the long term, OKB’s reputation and the results of the upgrades will play a large role in impacting the token’s price. Given that exchange cryptos have started to generate interest, OKB may try to piggyback on the current trends and aim for new highs.

This Native Crypto of a New Wallet Might Be the Next Crypto to Explode

OKX’s recent price increase has come as a surprise to many because, despite being the native crypto of a top-tier exchange, it hasn’t made much news. However, now that the surge has happened, eyes are on other exchanges, and people are looking for options that could provide similar upsides.

One of the top choices emerging among them is Best Wallet Token. Powering the Best Wallet, this crypto allows users to interact with a robust wallet ecosystem featuring multiple beyond the traditional offerings.

Users can not only swap crypto but also buy and sell digital assets on the platform. It supports over 60 chains and has recently added support for Solana and Solana-based tokens. Bitcoin swaps are also enabled on Best Wallet thanks to the latest upgrade, and a unique gamified system has been added that rewards points for merely opening the wallet.

Additionally, Best Wallet is a no-KYC platform, which adds to the reasons why Best Wallet Token’s ICO has been gaining traction recently.

With upwards of $14 million raised already, Best Wallet Token is a suitable low-cap investment opportunity for those looking for new “exchange tokens” to support.

Experts like Borch Crypto have had positive things to say about Best Wallet Token, noting that it has 10x potential.

Visit Best Wallet Token

This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.