OKB Token Skyrockets After Record $7.6 Billion Supply Burn

Crypto markets just got a shocker. OKB, the native token of OKX exchange, exploded more than 120% in the past 24 hours after a historic supply cut sent traders scrambling to get a piece of the action.

One of the Largest Token Burns Ever Recorded

In a move that caught almost everyone off guard, OKX permanently removed about 65.26 million OKB tokens—worth roughly $7.6 billion—from circulation. The tokens were sent to an “unreachable” wallet, effectively reducing supply by 52% and capping total circulation at 21 million.

The announcement acted like lighter fluid on an already bullish crypto market. Within minutes, OKB’s price shot from around $46 to an intraday high of $142 before cooling to about $105.

This isn’t just a small trim. It’s among the largest single burns in crypto history, dwarfing many past supply cuts by other exchanges and projects.

Trading Frenzy Follows Supply Shock

Volume went wild. Data shows a jaw-dropping 13,000% increase in trading activity, with both retail traders and institutional desks rushing to position ahead of what many saw as an inevitable price squeeze.

Some holders took profits almost immediately, locking in gains from the spike. Others decided to hold, betting the reduced supply will provide long-term price support.

On the sidelines, analysts debated whether the frenzy was a rational response to scarcity—or just another case of crypto FOMO taking control.

Why the Burn Happened

OKX says this isn’t just a gimmick. The burn is tied to a strategic shift—moving operations from Ethereum’s main blockchain to its own Layer 2 network, X Layer.

By operating on its own infrastructure, the exchange aims to lower transaction fees, speed up processing, and improve user experience. The supply cut, according to OKX, is meant to make the token more scarce and potentially more valuable in its new ecosystem.

One crypto strategist described it as “part economics, part marketing, and part ecosystem design,” noting that such moves can cement a token’s reputation if executed well.

Context in a Broader Market Rally

This sudden OKB surge didn’t happen in isolation. Bitcoin and Ethereum have both been trading in positive territory, helped along by a splashy IPO from Peter Thiel-backed exchange Bullish, which injected fresh enthusiasm into the sector.

It’s also notable that while U.S. equities like the S&P 500 and Nasdaq stayed flat, crypto markets decoupled and pushed higher—an increasingly rare divergence.

Here’s how key crypto assets performed over the same period:

Not Likely to Repeat Anytime Soon

Crypto veterans were quick to point out that a burn of this magnitude is a one-off event. OKX itself has indicated there’s no plan for a repeat anytime soon.

Some analysts warn that latecomers could get burned—figuratively this time—if the price retraces once the hype fades. Others suggest the new supply structure may underpin higher baseline prices in the long run.

For now, the market’s verdict is clear: scarcity sells. But as one trader on X put it, “You don’t see a meteor twice.”