Ethereum News Today: OKB Soars 160% on Major Token Burn and Exchange Upgrades

The OKB token, the native digital asset of the OKX exchange, has experienced a sharp price rally, surging more than 160% in the past 24 hours and reaching a record high above $135 [1]. The rapid appreciation has drawn significant attention from traders and analysts, who are now closely monitoring whether the momentum can be sustained or if the recent volatility signals a potential correction.

The surge coincided with a major token burn initiative by OKX, which removed over 65 million OKB from circulation, capping the total supply at 21 billion tokens [2]. This strategic move aimed to enhance scarcity and reinforce the token’s value proposition, aligning the interests of the platform with its token holders. The burn event was widely seen as a catalyst for the price surge, particularly as broader crypto markets also experienced a rally amid growing institutional interest and favorable macroeconomic conditions [3].

Despite the impressive gains, some caution is emerging in the market. Data from Nansen shows a significant inflow of 553,000 OKB tokens into exchanges over the last 24 hours, amounting to approximately $58 million. This movement is often viewed as a precursor to selling activity, especially in the wake of a sharp price increase [4]. However, major investors—collectively holding more than 299.93 million OKB—have shown increased accumulation in recent weeks, suggesting they may absorb some of the upward pressure and prevent a steep pullback [5].

Market analysis from BingX further highlights potential short-term risks. A liquidation zone of $1.1 million in long positions is concentrated at the $92.6 level. If the price begins to decline due to increased selling pressure, this level could trigger a cascade of liquidations, potentially leading to a broader market correction [6]. Technical indicators also show signs of weakening upward momentum. The Chaikin Money Flow (CMF) has formed a lower peak compared to earlier in the year, indicating a lack of fresh buying power, even as price highs are being established [7].

The token’s performance remains constrained by key technical levels. While OKB has struggled to break above $142, it has held support at $102, a level analysts warn could face increased pressure if further selling pressure emerges. A breakdown below this level could result in a rapid retest of the $90 and $78 support levels [8]. Conversely, a successful retest of the $118 resistance level, combined with continued accumulation by large investors and a reduction in exchange inflows, could help reinforce the current bullish trend and allow the price to revisit earlier highs [9].

Market observers note that OKB’s rise has also been supported by ongoing upgrades to OKX’s X Layer, a zkEVM-based public chain designed to enhance DeFi, payments, and RWA applications [10]. These developments are expected to drive greater utility for the token, offering a longer-term narrative for its value beyond short-term speculative activity.

Looking ahead, the broader crypto market remains in a risk-on phase. Bitcoin has traded above $120,000, and Ethereum has hit a four-year high, with Ethereum-based spot ETFs attracting over $1.7 billion in new capital recently. This positive backdrop has helped boost altcoins like OKB, which has outperformed many peers in recent weeks [11].

While the future price trajectory of OKB remains uncertain, the recent developments have underscored the growing importance of strategic tokenomics in the crypto space. OKX’s actions represent a broader trend of platforms seeking to drive value through supply management and ecosystem development. However, as the market awaits the next major catalyst, traders remain watchful for signs of exhaustion in the current rally.

Source: [1] BlockBeats (https://www.theblockbeats.info/en/news/59315)

[2] Mitrade (https://www.mitrade.com/au/insights/news/live-news/article-0-1035815-20250813)

[3] Menafn (https://menafn.com/1109922368/OKB-Skyrockets-160-As-OKX-Burns-65M-Coins-Caps-Supply-Enhances-X-Layer)

[4] Nansen (https://nansen.ai/)

[6] BingX (https://www.bingx.com/)

[9] CoinUnited.io (https://coinunited.io/learn/en/trading-strategies/okb-okb-jumps-126-18-today-here-s-what-s-fueling-the-surge)

[11] AInvest (https://www.ainvest.com/news/ethereum-news-today-ethereum-hits-4-year-high-altcoins-surge-institutional-inflows-2508/)