OKB Token Soars 90% Amid Supply Squeeze and X Layer Migration on OKX
The native token of OKX, OKB, has experienced an unprecedented surge, skyrocketing 88% in just seven days to reach a record high of $196 before stabilizing at $193. This remarkable rally is attributed to a combination of a supply squeeze and the successful completion of a major token migration to OKX's X Layer network. Trading volumes have exploded, with spot markets seeing $7.74 billion in activity, while derivatives markets witnessed a staggering 396% increase in futures volume, reaching $200 million. The migration has consolidated 90% of OKB's supply into the X Layer network, signaling a significant milestone for OKX and its ecosystem. This development underscores the growing confidence in OKX's infrastructure and the broader potential of blockchain migrations to drive value in the cryptocurrency market.
OKB Surges 90% in a Week Amid Supply Squeeze and Network Migration
OKB, the native token of crypto exchange OKX, has skyrocketed 88% over seven days to hit a record $196 before settling at $193. Trading volume exploded to $7.74 billion in spot markets, while derivatives activity saw futures volume spike 396% to $200 million.
The rally coincides with OKX's completion of a major token migration to its X LAYER network, with 90% of OKB's supply now transitioned. This consolidation into a fixed supply of 21 million tokens has created artificial scarcity - the circulating supply dropped 93% during the migration period.
Market technicians note the Relative Strength Index hit 92 during the surge, signaling extreme overbought conditions. Traders now watch key resistance levels at $200 and $250 as the token tests uncharted territory.
OKB, Aave, and Monero Emerge as Standouts in Selective Altcoin Season
Liquidity is concentrating in a handful of tokens as altcoin season gains momentum. Bitcoin's dominance remains above 60%, but capital is rotating into niche sectors—exchange tokens, DeFi protocols, and privacy networks are leading the charge.
OKB, the utility token of OKX exchange, surged to an intraday high of $243 before settling NEAR $210. Its market cap now stands at $4.5 billion, buoyed by trading discounts and staking incentives. Regular token burns tied to platform activity continue to tighten supply.
Aave represents the DeFi rotation, offering real yield through its lending protocols. Meanwhile, Monero maintains demand as the privacy benchmark, proving resilient despite regulatory scrutiny. These assets illustrate the targeted capital flows defining the current cycle.
OKB Token Burn Strategy Fuels 400% Rally, Outshining Altcoin Peers
OKB's recent 300% surge eclipsed top-performing altcoins like LINK and MNT, according to CryptoBubble data. The rally stems from OKX's unprecedented burn of 65.26 million tokens - including repurchased reserves - permanently capping supply at 21 million.
The supply shock coincided with August's bullish altcoin sentiment, enabling market repricing of OKB's valuation. By mirroring Bitcoin's fixed supply, the exchange created psychological parity with the benchmark asset - a deliberate marketing tactic distinguishing it from uncapped burn models like TRON's 7.1 billion TRX reductions.
OKX’s 90% Supply Burn Ignites OKB Price Rally – Market Eyes $300 Threshold
OKX executed one of the most aggressive token burns in centralized exchange history, destroying 279 million OKB on August 15th. The reduction leaves just 21 million OKB in circulation – a deliberate echo of Bitcoin's scarcity model. This supply shock propelled OKB prices upward, though analysts caution that demand dynamics will ultimately determine the ceiling.
The exchange framed the burn as part of a strategic upgrade to X Layer, its Ethereum-compatible network. Market reaction was immediate, with OKB breaking past key resistance levels. Yet the token's history of underperformance during broader market rallies – including Bitcoin's December 2024 surge to $108k – suggests fundamental factors beyond supply reduction may dictate its trajectory.
TradingView charts reveal OKB's volatile journey: from March 2024's $73.7 peak to July's $30 trough. The current rally faces technical resistance near all-time highs, while on-chain metrics hint at overheated conditions. Traders now watch whether institutional interest and retail FOMO can sustain momentum beyond speculative trading ranges.
OKX Introduces PI/USDC Pair Amid Declining Pi Network Interest
OKX has expanded Pi Coin's trading options by launching a PI/USDC pair, aiming to enhance liquidity and trading opportunities. The exchange, which was the first to list Pi after its Open Network launch, currently handles 37.2% of the token's $54 million daily volume.
Market sentiment remains divided. While Pi Network's community heralds the MOVE as a growth catalyst, trading volume tells a different story—plummeting from $18 billion in March to $2.6 billion in July. The new pairing arrives during a prolonged slump, raising questions about its potential to reverse the downward trajectory.
"This new pair brings higher liquidity, higher adoption, and stronger growth to the PI ecosystem!" tweeted one optimistic community member. Yet the data suggests institutional confidence remains tepid as Pi struggles to regain its March peak.
Bulls Take Over Crypto Market After $770M in Shorts Liquidated
Federal Reserve Chair Jerome Powell's Jackson Hole speech ignited a crypto rally, with Bitcoin reclaiming $117,000 and ethereum hitting a record $4,900. The market added $4 trillion in capitalization as traders liquidated $770 million in positions—primarily bearish bets.
Ethereum outperformed with a 15% single-day surge, erasing its 2021 peak. The second-largest cryptocurrency now shows 42% year-to-date gains, eclipsing Bitcoin's 24% growth. Only XRP among top assets surpassed ETH's momentum.
OKX saw the largest liquidation—a $10 million ETH-USDT swap. Trading volumes spiked 79% to $261 billion as the Fear-Greed Index neared 'Greed' territory. Powell's暗示 of rate cuts proved the catalyst for the bullish reversal.
