In the ongoing 24th burn event, OKEx’s OKB Buy-Back and Burn wallet has received 5.73 million OKB tokens, valued at approximately $259 million, in the past two hours.
Since May 15, 2019, the OKX team has repurchased a total of 97.92 million OKB, now worth $4.42 billion, conducting these burns every three months.
Despite the regular burns, the price of OKB has historically dipped following the last five burn events.
The @okx Buy-Back & Burn Wallet received 5.73M $OKB ($259M) in the past 2hrs, as part of the ongoing 24th burn event.
In total, the OKX Team has bought back 97.92M $OKB (now worth $4.42B) to burn every 3 months since May 15, 2019.
The $OKB dipped after the last 5 burn events.… pic.twitter.com/yUgLnjSY7A
— Spot On Chain (@spotonchain) June 12, 2024
Massive 5,000,000 OKB Token Transfer
Currently, the 24th burn event is still in progress. Adding to this activity, Whale Alert, a data tracking platform, reported that 5,000,000 OKB, worth about $227.85 million, were transferred from an unknown wallet to OKEx within the past 12 hours.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 5,000,000 #OKB (227,850,000 USD) transferred from unknown wallet to #OKExhttps://t.co/VHu7d0FqwG
— Whale Alert (@whale_alert) June 12, 2024
These significant movements in OKB tokens are part of OKEx’s efforts to manage the supply and support the token’s value.
However, the market’s response to these burn events often includes a dip in OKB’s price, a trend investors are watching closely as the current burn event unfolds.
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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