TLDR
- OKB jumped 26% to new all-time highs above $240, outperforming all major cryptocurrencies
- OKX burned 65.26 million tokens worth $7.6 billion on August 13, cutting supply in half
- Futures open interest doubled to $23.21 million in 24 hours, showing trader confidence
- New X Layer blockchain uses OKB as gas token, adding real utility beyond trading
- RSI hit extreme 96 level, suggesting potential short-term correction ahead
OKB price reached new all-time highs above $240 today, posting gains of 26% while most cryptocurrencies remained flat. The OKX exchange token has been setting fresh records daily since Wednesday.
The rally stands out in a market where Bitcoin and Ethereum trade sideways. OKB has gained nearly 300% over the past 30 days, making it the top performer among major exchange tokens.
OKX executed a massive token burn on August 13 that removed 65.26 million OKB from circulation. The burned tokens were worth approximately $7.6 billion at current market prices.
The burn cut OKB’s circulating supply by more than half. OKX also set a hard cap of 21 million total tokens, matching Bitcoin’s scarcity model.
Markets responded immediately to the supply reduction. OKB price exploded more than 160% within days of the burn announcement, breaking through the $200 resistance level for the first time.
OKB Price Prediction
Derivatives markets reveal growing trader confidence in OKB’s continued rally. Futures open interest reached an all-time high of $23.21 million, more than doubling in the past 24 hours.
Rising open interest during price rallies indicates new money entering the market. This differs from position rotation, where traders simply move existing bets around.
OKB’s funding rate turned positive at 0.0732%, flipping from negative territory yesterday. Positive funding rates mean long position holders pay short traders, indicating stronger demand for bullish bets.
The funding rate shift confirms that traders expect OKB price to continue rising. Futures traders are willing to pay premiums to maintain long positions.
X Layer Adds Real Utility
OKX launched its X Layer blockchain alongside the token burn. The Layer 2 network processes up to 5,000 transactions per second using Polygon’s zkEVM technology.
Transaction fees on X Layer remain near zero. OKB serves as the exclusive gas token for all network operations, giving holders direct utility beyond exchange benefits.
This creates ongoing demand for OKB tokens from users conducting transactions. The combination of reduced supply and increased utility provides fundamental support for higher prices.
Technical indicators show caution ahead despite the strong rally. OKB’s RSI reached 96 on daily charts, an extremely overbought reading that often precedes short-term corrections.
If profit-taking increases, OKB price could retreat to support around $210. However, continued futures demand and positive funding rates suggest many traders still expect higher prices.
