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OKX token hits ATH after 65M OKB burn and supply cap plans

Source Cryptopolitan

The cumulative crypto market printed green indexes all around as Ethereum led the bullish sentiments for altcoins. Amid this, OKX’s native token, OKB, literally blasted by more than 173% over the past 24 hours to hit its new all-time high (ATH), while other top exchange-based tokens watched it pump.

The massive surge comes in as OKX is rolling out one of its strategic upgrades to its zkEVM-based public chain, X Layer, and a decisive shift in tokenomics. It includes the permanent burn of a staggering 65.26 million OKB from historical buybacks and reserves. However, it would also fix the total supply at 21 million.

OKB tops CEX token gains

According to the announcement, OKTChain will be phased out with all OKT automatically converted to OKB based on a month-long average closing price between July 13 and August 12, 2025. The update led the way to a brief rally for the OKB price to hit over $139 before retracting to around $106.

OKB is trading at an average price of $110.7 at press time. Its 24-hour trading volume spiked by 15,812% to hit $842 million. OKB is among the top 5 biggest CEX tokens. It holds the market cap of over $6.5 billion.

OKB blasts by 173% after 65.26M token burn, swap plans. — Source: CoinMarketCap.

Wednesday morning turned out to be good for all the top exchange-based tokens. Binance’s BNB price jumped by 6% to trade around $853. Its 24 hour trading volume is up 22% to stand at $3.27 billion. It is the biggest CEX-based crypto and holds a market cap of $118 billion.

UNUS SED LEO (LEO), the second-largest token in the category, also remained up by 3%, depicting positive sentiment among investors. LEO is trading at an average price of $9.24 at press time.

OKX aims at DeFi, payments, RWA

OKX mentioned that since launching X Layer in 2023 with Polygon, it has steadily built up speed, scale, and developer adoption. Now, it’s doubling down on its goal to make X Layer a prime destination for DeFi, payments, and real-world asset applications.

The chain has fully integrated Polygon’s latest CDK upgrade, boosting throughput to 5,000 TPS. This slashes gas fees to near zero, and tightens security while staying Ethereum-compatible. OKX Wallet, Exchange, and Pay will all natively run on X Layer.

OKB blasts by 160% after 65.26M token burn, swap plans. — Source: OKX’s announcement.

From August 13, OKT trading will be halted, and withdrawals of OKB to Ethereum L1 will stop by the same afternoon. By August 15, OKT will be automatically swapped to OKB on user accounts, followed by the mega-burn event that locks OKB’s supply forever. The final step comes on August 18, when the OKB smart contract will be upgraded to eliminate minting and burning functions.

Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

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