OKX, a Seychelles-based digital asset exchange, recently moved $163 million worth of its OKB utility token in a group of 20 transactions. It came amid a price consolidation witnessed by the asset following a fall from the $51 high last week.
The development first drew attention to Whale Alert, a chain-linked whale-monitoring system. As indexed by Whale Alert, the first of a series of transactions occurred today at 2:05 am (UTC), involving 180,000 OKB worth $8.1 million at the time.
The remaining 19 trades followed shortly, with the last one taking place at 7:35am (UTC). All trades involved 180,000 OKB, resulting in a cumulative amount of precisely 3.6 million OKB tokens. The tokens are currently valued at $163 million against prevailing rates.
OKX has not made any public announcement regarding the transactions as of press time, but an investigation by crypto.news reveals that they could be linked to the exchange’s buy-and-burn initiative, which began in May 2019.
All tokens were sent to a primary recipient address identified as OKB’s dedicated buy-and-burn address. Since the launch of the initiative, OKX has been burning a significant number of OKB tokens every quarter to mitigate the extensive token supply. However, their report in the program reveals that the last burning occurred in February 2021.
The dedicated recording address has received thousands of OKB tokens since May 10, 2019. The latest large amount of transport is the most recent batch. The address currently holds 57.1 million OKB tokens, valued at a whopping $2.6 billion at press time.
OKB Offer and Price Actions
Due in part to the incineration exercise, the circulating supply of OKB is now estimated at 60 million tokens, according to data from CoinMarketCap and Etherscan. Despite its current consolidation, OKB remains one of the few assets to post new highs during this year’s market-wide rallies.
OKB hit an all-time high value of $58.66 on February 18 amid one of the newly engineered market-wide rallies. Following the surge, the asset fell prey to bears, plummeting to a low of $37.6 on March 10. Despite a post-recession recovery, OKB is still 22% below its ATH. It is currently trading at $45.34.
