Crypto News

OKB Token Rebounds 4.5% To $61 Amidst Record Buyback And Burning

The OKB token, issued by the OKX blockchain foundation, has shown resilience today, experiencing a 4.5% recovery and reaching the $61 mark.

On March 16, OKX executed its 23rd OKB Buyback and burning, marking yet another milestone in its journey.

The buyback resulted in approximately 11.48 million OKB tokens being removed from circulation, equivalent to a staggering $744 million.

OKX announced that these tokens would be burned based on market dynamics and operational performance, without specifying detailed guidelines.

In an intriguing turn of events, a total of 1968 wallets that had remained dormant for four years suddenly became active and sent back 33.23 million OKB tokens, now valued at $1.98 billion, to OKX within the past 16 hours. 

Dormant OKB Wallets Resurfaces

During the March 16 buyback and burn event, OKX acquired and removed 11.48 million OKB tokens worth $748 million.

Notably, 9.68 million OKB tokens, amounting to $631 million, were sourced from 539 wallets that had remained inactive for four years, mirroring the recent resurgence of 1968 previously dormant wallets.

This resurgence has sparked speculation among market observers regarding the possibility of another buyback or burn event in the near future.

The activity surrounding the OKB token highlights the dynamic nature of the cryptocurrency market and the proactive approach taken by OKX to manage its token supply. As the token continues to demonstrate resilience and attract renewed investor interest, the potential for further buybacks and burns remains a topic of keen interest within the crypto community.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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Image Source: moxumbic/123RF // Image Effects by Colorcinch

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