The crypto asset (virtual currency) exchange OKX systematically burned $258 million (approximately ¥36 billion) worth of OKB from March to May, while the crypto asset market barely changed. increased the price of exchange tokens.
“In this round, the total number of OKBs bought back from the market and burned was 5,497,312.77,” OKX said in a report released on June 9.
OKB, issued by OKX, rose 1.4% in the next 24 hours after the details of the completed burn were announced, bringing the token’s market capitalization to over $2.6 billion.
This buy and burn program was launched in May 2019, and OKX will purchase OKB from the original supply of 300 million units every three months, depending on seasonal market movements and business performance. there is
Burning refers to the permanent deletion of tokens by sending them to a wallet address that no one controls. A decrease in supply could lead to an increase in the price of the token if demand continues to grow.
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Crypto Exchange OKX Burns $258M of OKB Tokens in Record Move