Bitcoin News Today: OKB Surges 173% as OKX Burns 65M Tokens to Cap Supply at 21M

OKB, the native token of cryptocurrency exchange OKX, surged more than 100% in price over a 24-hour period, reaching a new all-time high amid news of a significant supply reduction. The token’s price climbed as high as $135 before settling near $103. This dramatic rise was driven by the announcement that OKX would burn over 65 million OKB tokens, reducing the total supply to a fixed 21 million. The burn, expected to be completed on August 15, is valued at approximately $6.7 billion at current prices [1].

OKB serves as the gas token for OKX’s Ethereum layer-2 network, X-Layer, and plays a central role in the platform’s broader ecosystem, which is being upgraded to support decentralized finance (DeFi), real-world asset tokenization, and improved payment infrastructure. Alongside technological enhancements, OKX is decommissioning its OKT Chain, with user balances in OKT tokens being converted to OKB over time [1]. The OKT token also experienced a surge of more than 100% as a result of the transition [1].

OKX announced that after the burn, the OKB token will no longer be mintable or burnable, fixing its supply permanently. The new supply cap aligns with Bitcoin’s 21 million supply, though OKB was initially designed to have 300 million tokens in circulation [1]. The move has been interpreted as a strategic step to enhance the token’s scarcity and value proposition, particularly as OKX continues to expand its footprint in major markets. The exchange launched a U.S. regional headquarters in San Jose, California, in April, and began offering full trading capabilities for U.S. customers [1].

The supply reduction has already triggered significant trading volume, with nearly $3.5 billion worth of OKB traded in a 24-hour window. OKB became the most significant mover among the top 100 cryptocurrencies by market capitalization during that period [1]. Other reports noted that the token’s price surged by as much as 173% in a 24-hour span, further underscoring the market’s positive reaction to the supply cut [2].

OKX’s move has been widely covered across multiple crypto news platforms. CoinDesk reported that the exchange reduced OKB’s supply by half through a $7.6 billion burn [3], while Yahoo Finance noted that the move marked a major shift in OKX’s tokenomics strategy [4]. Invezz highlighted that the price jump was a direct response to the one-time burn of over 65.2 million OKB tokens [5]. X user @RTB_io also confirmed the scale of the burn, noting that the token price surged over 160% within minutes [6].

The supply reduction and broader ecosystem upgrades reflect OKX’s ongoing efforts to position itself as a leading infrastructure provider in the crypto space. By aligning OKB’s supply with Bitcoin’s, OKX may be signaling long-term value retention and scarcity as core principles for its token. The transition from OKT to OKB also suggests a streamlined approach to token governance and user experience. As OKX continues to expand in the U.S. and other key markets, its tokenomics strategy appears to be playing a central role in driving both institutional and retail interest in the platform [1].

Source: [1] OKB Doubles in Price, Hits Record High as OKX Plans to Slash Supply (https://decrypt.co/335114/okb-doubles-price-hits-record-high-okx-plans-slash-supply)

[2] OKX token hits ATH after 65M OKB burn and supply cap plans (https://www.mitrade.com/insights/news/live-news/article-3-1035915-20250813)

[3] OKX Slashes OKB Token Supply by 50% With $7.6B Burn, Price Surges (https://www.coindesk.com/)

[4] The Protocol: OKX Slashes Native Token Supply In Half (https://finance.yahoo.com/topic/crypto/)

[5] Crypto prices today: Bitcoin above $120k, ETH rally pushes ... (https://invezz.com/news/2025/08/13/crypto-prices-today-bitcoin-above-120k-eth-rally-pushes-okb-fartcoin-higher/)

[6] Roundtable Network (@RTB_io) / X (https://x.com/rtb_io?lang=en)