Following the FOMC meeting, significant fluctuations occurred in the cryptocurrency markets, and major exchange OKX announced a noteworthy development. OKX has carried out numerous token burns in the past and has completed its 22nd OKB token burn.
On December 14th, OKX followed its traditional token burning procedure by performing the 22nd OKB buyback. The amount of burned OKB tokens was even more remarkable. The current value of the burned OKB tokens reached 630 million dollars, with a total of 10.53 million tokens burned.
This amount marked a new record. OKX had not previously disclosed specific rules regarding the burn but had stated that the transactions would be carried out based on the operational performance of the market.
Following the burn announcement, OKB Coin did not experience any significant price movement and traded at a neutral level of 59.66 dollars. Although price increases had been observed following previous burns, this time no upward movement reflected on the prices.
The burn also did not have a positive effect on OKB’s trading volume over the last 24 hours. Volume decreased by 43%, falling to 13.8 million dollars. Nevertheless, the overall market value of the altcoin increased by 1.54%, reaching a level of 3.6 billion dollars. The impact of the burn on the price is anticipated to be seen in the coming days.