The cryptocurrency exchange OKX has made a significant move by burning 278,999,999 OKB tokens, valued at over $26 billion at current market prices, according to blockchain data.
This remarkable coin burn was announced on Wednesday by the exchange, who disclosed plans to eliminate approximately 65.26 million coins accumulated from previous buybacks. The tokenomics model has been renewed following the burn, reducing OKB’s total supply from 300 million to just 21 million. Despite an initial price spike of OKB to over $120, the coin later settled around $96.
Details of the $26 Billion OKB Coin Burn
Blockchain records confirm that the coin burn was both a singular and permanent event, effectively setting a new supply cap for OKB at 21 million coins. The market reacted swiftly to the announcement with a sharp increase in the altcoin’s value, followed by a subsequent price pullback. According to CryptoAppsy’s live price page, in its immediate reaction, OKB leaped over $120 before stabilizing around $96. Currently, the altcoin’s on-chain market capitalization stands at approximately $2 billion.
OKB
Researcher and Flashbots Strategy Leader Hasu commented on the situation, highlighting the market’s tendency to overestimate the actual circulating supply of many coins. He pointed out the sensitive relationship between abruptly tightened supply and price response. Indeed, the perception of limited supply can escalate short-term price movements in the cryptocurrency market.
OKTChain and Smart Contract Updates
Coinciding with the revamped model, changes were also implemented in OKB’s smart contract. The minting function and manual coin burns were removed, reducing supply-side uncertainty. Following this, the affiliated network, OKTChain, was decommissioned, with operations scheduled to continue until January 1, 2026.
As part of OKTChain’s decommissioning, the conversion of OKT coins to OKB was determined based on the average closing prices between July 13 and August 12. This step streamlined the ecosystem assets, centering them around OKB.
