OKX Exchange Burned Twenty-Second $630 Million OKB Token

After the crytocurrency market volatility after FOMC meeting, OKX made progress. For the 22nd time in its history of tremendous token burns, OKX successfully completes another massive burn that will go down in history.

latest OKB Buyback and Burn by OKX

As a routine, OKX burned 222390 OKB tokens on December 14, 2022. The number of tokens burnt stood at over one hundred million dollars valued at $630 million making it a major achievement for the event. The burn was set as an unprecedented move for OKX that did not have any specific rules for before but indicated would depend on the market.

OKB Coin’s Performance Post-Burn

Despite the large amount of burning announced, OKB Coin’s price was quite steady and traded at $59.66. Unlike earlier episodes where an increase was observed before a fall off in prices, the current occurrence has no such uptake but instead reveals a changed market response.

OKB Token Burn and Resultant Market Reaction

However, the immediate effect of the burn onto the last day’s volume of OKB was on a decline by 43% to 13.8 million dollars. However, the total market cap of the altcoin increased marginally by 1.54% and stood at about $ 3.6 billion. However, it would be possible to see the effect in full of their burn on OKB’s price during the course of the next few days.

Cryptocurrency Market Post-FOMC Decision

After the FOMC decision, the crypto market showed signs of breathing a sigh of relief as Bitcoin appreciated alongside many other altcoins. Forecasts indicate that the positive trend might continue even through 2024. A renowned analyst Michael van de Poppe postulated about a ‘ Christmas rally’ which may lead to short term bounce of $50000.

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