On August 21, OKB surged directly to $190, setting a new all-time high, and is now at $191, having skyrocketed by 51.82% in 24 hours.
Driven by the FOMO sentiment from both BNB and OKB hitting new highs, Gate's GT has also risen by 13.5% in the past 24 hours, now at $17.9.
This is a bull market, almost quadrupling in less than 10 days, Dr. Xu is completely free! OKB is really powerful, much more enjoyable than trading contracts.
OKX just announced it will burn 65 million OKB, permanently locking the total supply at 21 million, aligning it with Bitcoin's total supply, cutting the circulation by 75%. Based on the pre-burn price of $45, the market cap is approximately $3.87 billion; if the market cap remains unchanged post-burn, the theoretical price of OKB should reach $184, while the actual price is now between $172 and $180.
The X Layer public blockchain is also upgrading, introducing Polygon CDK technology, with transaction speeds reaching 5000 TPS, nearly zero transaction fees, and enhanced Ethereum compatibility. OKB has also completed its identity transformation from a 'exchange utility token' to the native fee token of the X Layer chain, severing ties with exchange business, paving the way for OKX's potential future listing in terms of regulation.
Recently, OKB's price and market sentiment have really exploded. On August 17, it surged 20% in a single day, reaching a high of $124.39; on August 21, it even broke through $170, rising more than 280% from $45 this month. Bulls are now looking at above $200, with many long-term holders even shouting targets of $500 to $800.
However, short-sellers feel the rise is too rapid and remind everyone to be cautious of short-term correction risks. Currently, OKB's market cap is only $3.5 billion, ranking 28th, just 3% of BNB's market cap of $120 billion, and only half of SHIB's market cap of $7.3 billion. Many believe that if it can rise to $35 billion, there is a potential 10x price increase, still significantly lower than BNB, making it an 'undervalued asset.'
The explosive rise of platform coins in the crypto space usually occurs in the later stages of a bull market, indicating that the market is entering a phase of high activity.
In the first phase, Bitcoin and Ethereum lead the charge.
In the second phase, funds spread to platform coins due to surging trading volumes boosting fee income.
In the third phase, funds flow into high-risk assets like Meme coins.
Historical validation shows that BNB started to rise in the mid-bull markets of 2017 and 2020, and OKB's current rise follows this pattern.
The proactive price increase of OKB is seen as a 'brand moat' strategy, enhancing user confidence and ecological attractiveness through market cap management. The community jokes about the exchange founder 'Dr. Xu's' sharp trading style, skilled at shaking out weak hands before a violent surge.
A fan asked if they can short OKB now that it has hit a new high. Think about it, the chips are all in Dr. Xu's hands, and this time over 60 million were directly burned, leaving only 21 million. Based on the previous market cap of $45, the current $184 is just a market cap return, nothing surprising.
And isn't everyone forgetting Dr. Xu's nickname? Dare to short Dr. Xu's OKB? Let's see if he will pierce through the shorts directly! I remember back when HT and OKB were just released, OKB's biggest characteristic is that Dr. Xu particularly loves to shake out weak hands. It dropped to $0.66 after launch, but then skyrocketed from $0.66 to $6.68, a tenfold increase. This time from $45 to $190, next stop $200?
It seems Dr. Xu is paving the way for OK's exchange listing. Some people previously asked what use OKB would have after the listing? Now it's clear, OKB will become the native fee token of the XLayer chain, clearly separating from the exchange business, directly sweeping away the listing obstacles.
