Okex Exchange Burns 70% of Its Total Token Supply

Additionally, the price of Okex token was at $5.89 at t 3: 10 hours UTC on 11th February 2020. According to  the CSO of Okex, Alysa Xu via a tweet:

“Chain Testnet is now live! It has been a long time coming but I am extremely proud to share with everyone our very own decentralized public chain. OKChain will act as a foundation for the entire OKEx ecosystem.”

Moreover, as per the announcement, the main reason for the rise in price is that due to the launch of its testnet, Okex resolved in burning 70% of its total token supply. The announcement reads:

“Following the launch of the OKChain testnet, we will burn a total of 700 million non-issued OKB coins.”

Moving forward, the total number of OKB tokens to ever come into circulation is just 300 million. Market buy-backs were used to execute regular burn. According to reports, the current total number of tokens is  286,021,636 OKB, The token supply will only reduce from this figure,

Furthermore, we witnessed a similar move from the Stellar Foundation which resulted in the price of XLM shooting massively. Currently, Binance’s BNB token (187.5 million) has a minimal copious supply. It is followed by OKB and HT at 500 million. In addition, the total market capitalization between Binance and HT is higher than $1 billion, while OkB’s Mcap is around $350 million.

How Does Burning OKB Supply Affect Other Coins?

In fact, the colossal rise in Okex has positively impacted the price of other exchange tokens. China’s second most popular crypto exchange, Huobi’s token has already gained by almost 20%. In conclusion, Binance (BNB) coin also indicated small gains of almost 3%. LEO, the native tokens of Bitfinex crypto exchange were also positively affected.