After the destruction of 65 million tokens, OKB rose by 69% within an hour, reaching a historical high of $135, and then slightly retreated.
The OKB price once reached $135, its historical peak, before falling 11% within an hour.
A one-time destruction of 65 million OKB reduced the supply to 21 million, driving the price to surge rapidly and reach a historical high.
The RSI is 94.73, showing strong buying pressure, while the force balance reading favors bullish market control.
🚀 OKB performed brilliantly today, soaring to a three-digit increase at one point💥, reaching an all-time high of $135📈! This strong surge mainly occurred in the past 24 hours, with OKB's weekly and monthly increases nearly matching today’s gain, showing extremely strong market enthusiasm in the short term🔥. According to CoinGecko data, OKB's total trading volume has surpassed $2.2 billion💰. Although it has slightly retreated from its peak, the daily average increase remains as high as 132%, far exceeding the $100 mark💎.
The core reason for the price surge may be OKX's decision to destroy over 65 million OKB in one go🔥. After the destruction, OKB's total supply will stabilize at 21 million📉, and the scarcity brought about by the reduced supply naturally stimulates price increases🚀.
Meanwhile, OKX has also announced a significant upgrade to its Polygon-based zkEVM public chain X Layer⚡. This "PP upgrade" integrates the latest Polygon CDK features, increasing throughput to 5,000 transactions per second💨, while Gas fees are nearly reduced to zero💰, and Ethereum compatibility has greatly improved👍. X Layer will be deeply integrated into the OKX wallet, exchange, and OKX Pay📲, introducing practical features such as gas-free withdrawals💎, making operations more convenient for users.
Overall, this series of actions not only enhances OKB's short-term value🚀 but also optimizes the infrastructure of the OKX ecosystem💡. Large-scale destruction brings scarcity, and the X Layer upgrade provides more practical application scenarios, allowing both investors and users to experience tangible benefits😉. With new features going live and increased market attention, OKB's future performance is worth ongoing observation🔥!
Token structure and on-chain changes
OKTChain will officially retire on August 13, 2025, and OKT trading will also end on August 13, 2025. Remaining tokens will be exchanged for OKB at the average price on August 15. OKTChain will continue to offer deposit services until January 1, 2026.
OKB will continue to serve as the native Gas token for X Layer. The Ethereum Layer-1 version will be gradually phased out. Holders must bridge their tokens to X Layer before the Layer-1 withdrawal closes. The plan also includes an ecosystem fund, liquidity rewards, and upgrades for bridges, oracles, and compliance systems.
Technical readings and trader perspectives
The RSI is 95, indicating strong buying pressure and an overbought market. Such levels are uncommon, but they may persist when the market is driven by news factors.
The force balance index is 0.62, indicating that buyers hold control. Such high readings typically occur during periods of significant accumulation.
Trader Efloud stated,
"Maybe I am a market maker. I still don’t know... we need to enjoy our profits."
He previously pointed out that a pullback to the range of $43.3 to $42.4 would make him pay attention to the bullish structure in the lower time frame.
