$OKB Jumps Over 6% After 65M Token Burn and ‘X Layer’ Launch
$OKB has continued its bullish run, rising 6% this week to surpass $127 in a historic rally that’s left merchants surprised. This isn’t simply one other pump—we’re witnessing considered one of crypto’s most dramatic provide shocks unfold in actual time.
This rally is a direct results of the protocol’s measures and main platform upgrades which have essentially reworked the token’s worth proposition. The actual query isn’t simply what drove the explosion however whether or not $OKB can preserve this new altitude.
How a Historic Token Burn and L2 Announcement Ignited $OKB Rally
The OKB token, with a market capitalization of roughly $2.66 billion, was designed because the core utility token for the OKX ecosystem. Its worth is derived from offering holders with advantages, together with buying and selling payment reductions, staking rewards, and governance rights.
August has been a productive month for the token and its native platform.
Earlier this month, $OKB noticed its position evolve past trade perks to now perform because the native fuel token for X Layer, OKX’s zkEVM-powered Ethereum Layer‑2, delivering round 5,000 TPS, near-zero charges, and full Ethereum compatibility.
Thereafter, the trade executed a major token burn, completely eradicating roughly 65.26 million OKB from its reserves, eradicating them from circulation. This occasion formally established a tough, immutable provide cap of 21 million tokens.
A subsequent good contract improve disabled any future minting or burning capabilities, cementing the token’s shortage mannequin. These modifications spurred a surge of 160–170%, with OKB briefly reaching highs above $130.
Based on Etherscan, the on-chain ecosystem has roughly 17,900 holders, with the highest 10 addresses controlling about 67% of the availability.
Moreover, OKX started phasing out OKTChain, stopping OKT buying and selling as of August 13, initiating automated conversions of OKT to OKB primarily based on the July 13–August 12 common value, and planning full decommissioning by January 1, 2026.
OKB Faces Rejection at $130, Consolidates Above Excessive-Quantity Assist
Following the value rally, $OKB is now consolidating. This pause is essential because it helps the market take up its new value stage and construct a stronger base for its subsequent potential transfer.
After setting a historic excessive final week, the $OKB token encountered agency resistance close to $130.
Observing the order move dynamics and quantity exercise, one might see the clear shift, notably seen on the 1-hour chart.
Purchase-side curiosity was initially sturdy, as mirrored in a number of giant footprint clusters simply above $126.
One of many breakout candles confirmed over 100K in whole quantity, although it closed with a unfavourable delta of -21.41K, indicating that profit-taking emerged to satisfy the shopping for strain at this new excessive.
Previous to that, quantity bars main as much as the rejection have been additionally crammed with aggressive shopping for, however started displaying indicators of exhaustion as promoting strain absorbed the momentum. The delta footprint steadily tilted crimson, confirming {that a} interval of consolidation had begun.
Whereas OKB briefly misplaced its upward momentum after pushing into the $128–$130 area, the broader market construction nonetheless leans bullish. The rejection from the highest of the breakout vary has to this point led to a measured pullback, not a collapse.
The asset’s value continues to commerce above all main shifting averages on the 1-hour chart, together with the 20, 50, and 100-period SMAs, which proceed to pattern upward. The 20-SMA close to $122 is especially key, because it now aligns with the high-volume help space the place latest consolidations have taken place.
At press time, OKB is holding simply above the $123 mark, hovering close to the higher boundary of a high-volume liquidity band centered round $120–$122. This space has repeatedly absorbed promoting strain in latest classes, suggesting that it stays a key battleground between patrons and sellers. But value motion alone gained’t be sufficient going ahead.
To regain directional management, bulls should present renewed initiative, ideally marked by a pick-up in aggressive shopping for and a shift in cumulative delta favoring demand.
Given the highly effective basic tailwinds from the token burn and X Layer launch, this key help zone is more likely to be fiercely defended by long-term believers.
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