OKB Cryptocurrency Surges 108% Amid Plans to Eliminate 65 Million Tokens

OKB, the native cryptocurrency of crypto exchange OKX, has surged nearly 108% since last Friday. The main reason for this move is OKX's plan to eliminate tens of millions of OKB tokens, reducing the total supply from 300 million to 21 million, making it similar to Bitcoin's fixed supply. This has created new supply-and-demand dynamics and could attract investors who believe in Bitcoin as a digital gold hedge. However, investors should exercise caution after such a significant move.

OKX, a leading cryptocurrency exchange, has recently announced a significant change to the tokenomics of its native cryptocurrency, OKB. This move has led to a surge in OKB's price, with the token nearly doubling since last Friday. The primary catalyst for this price movement is OKX's plan to reduce the total supply of OKB from 300 million to 21 million by burning tens of millions of tokens. This action, similar to Bitcoin's fixed supply, has created new supply-and-demand dynamics that could attract investors who view Bitcoin as a digital gold hedge.

The OKB token, which also serves as the native gas token for OKX's Ethereum layer-2 network, X-Layer, has seen its price soar. On Wednesday, OKB hit a new all-time high, more than doubling in price amid the news of the supply cut and token burn. The nearly 124% gain makes it the biggest mover among the top 100 crypto assets by market cap over the last 24 hours. Almost $3.5 billion worth of OKB has changed hands during this period [1].

OKX plans to carry out a one-time burn of 65.26 million OKB tokens, which represents a significant reduction in supply. This burn, expected to take place on August 15, will bring the total OKB supply down to 21 million, matching the supply of Bitcoin. The burn will be executed from OKX's reserves and will be conducted using a smart contract that automatically burns all OKB tokens transferred to a blackhole address [1].

In addition to the token burn, OKX is also decommissioning its OKT Chain and converting all OKT tokens in user accounts to OKB. This move aims to consolidate the ecosystem and enhance the utility of OKB. OKX began a more formal expansion in the United States this April when it set up a regional headquarters in San Jose, California, and began allowing U.S. customers to buy, sell, and trade leading crypto assets via its centralized exchange and OKX Wallet [1].

The price surge in OKB has been driven by the supply shock and the potential for increased utility with the X-Layer network upgrades. OKX plans to increase transaction speed and reduce gas fees on X-Layer, which could boost the adoption of the network and the token. However, investors should exercise caution after such a significant move. The sustainability of OKB's price gains will depend on the ongoing development of the X-Layer network and the broader health of the crypto market [2].

References:
[1] https://decrypt.co/335114/okb-doubles-price-hits-record-high-okx-plans-slash-supply
[2] https://www.coindesk.com/business/2025/08/13/okx-slashes-okb-token-supply-by-50-with-usd7-6b-burn-price-surges