Crypto exchange OKX has completed its 20th native token buyback and burn procedure. The platform withdrew nearly 5.5M OKB worth ~$258M from circulation (based on 90-day average price).
🛸OKB 已完成第20次回购销毁，共面向二级市场回购并销毁的OKB数量为5,497,312.77枚，价值约2.58亿美金（按90日均价），已转入黑洞地址。
目前 #OKX 已累计销毁 #OKB 数量为64,042,314.70枚，OKB现有流通量为235,957,685.30枚。
— OKX中文 (@okxchinese) June 9, 2023
The platform launched the OKB Buy-Back & Burn program in May 2019. OKX buys back tokens every three months based on market and operational performance. Assets are sent to an incineration address that no one else has access to.
The cumulative number of destroyed coins reached 64 million. There are 236 million OKB in circulation out of an initial supply of 300 million tokens.
The price of the asset reacted to the quarterly burning with a weak growth – OKB added 1.3% over the day. The capitalization of the crypto market over this period decreased by 0.2% (CoinGecko).
Recall that in May, OKX published its seventh monthly reserve report, showing $ 10 billion in bitcoin, Ethereum and USDT stablecoin.
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