- The 20th cycle of the program ran from March 1, 2023, through May 31, 2023.
- OKB was trading at $41.57 at the time of writing, indicating a decrease of 7.82%.
OKX, a cryptocurrency exchange situated in Seychelles, has completed the 20th cycle of its Buy-Back and Burn program, burning around 5.5 million OKB tokens. A total of 5,497,312.77 OKB tokens, valued at $258 million based on a 90-day average, were repurchased from the secondary market and burnt, as stated in a blog post.
The Buy-Back and Burn program was introduced by the cryptocurrency exchange in May 2019. It began repurchasing OKB every quarter, from the initial 300 million token supply. The amount being repurchased is determined by market conditions and company performance based on the time of year.
Third Greatest Burn
The 20th cycle of the program ran from March 1, 2023, through May 31, 2023. OKX has burned 64,042,314.70 OKB by sending them to an unreachable location. Leaving around 35,957,685 OKB in circulation as of today.
The latest burn was the third greatest in OKX’s history, in terms of the number of tokens burned. In the fifth round, between June and August of 2019, 6.1 million OKB were burned. Between September and November of 2019, the sixth round had the second-highest value at more than $5.9 million.
According to statistics from CMC, OKB was trading at $41.57 at the time of writing. Indicating a decrease of 7.82% over the previous 24 hours.
By increasing the worth of OKB tokens and making them more desirable to holders, OKX has been a major factor in the rise of the cryptocurrency market. The exchange has made strides toward becoming the cryptocurrency industry’s new standard of openness and trust.
OKX revealed $10 billion in bitcoin (BTC), ether (ETH), and Tether (USDT) in its sixth proof-of-reserves (PoR) report, which was released last month. While the PoR did include several other popular cryptocurrencies, it did reveal that Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) all have reserve ratios of 103%.
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