Crypto News

OKEx Conducts 24th OKB Buy-Back And Burn, Receiving 5.73M OKB Worth $259M

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.

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.

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

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