OKX Coin (OKB) soars 34% from the previous day… "Driven by token burn and Layer 2 update"
Summary
- OKX Coin (OKB) reportedly soared 34% compared to the previous day.
- This upward trend is said to be influenced by the token burn and Layer 2 network (X Layer) upgrade.
- OKX announced a cap of 21 million total supply and released plans to enhance transaction speed and gas fees.
OKX Coin (OKB) surged by 34% compared to the previous day, demonstrating an upward trend.
As of 3 p.m. on the 17th, according to CoinMarketCap, OKB was trading at $126.72, up 34.96% from the previous day. The increase over the past month reached 159%.
This sharp rise is analyzed to be influenced by OKX’s token burn and the announcement of the Layer 2 network (X Layer) upgrade. OKX recently permanently burned more than 65.25 million OKB, and announced that it will introduce an automatic smart-contract-based burn mechanism to limit the total supply to 21 million, similar to Bitcoin.
Additionally, with the X Layer upgrade, OKX proposed improvements to boost transaction processing speeds up to 5000 TPS and reduce gas fees to virtually ‘zero’.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
![[Market] Bitcoin steadies after 'wash shock'…reclaims the $79,000 level](https://media.bloomingbit.io/PROD/news/2d67445a-aa24-46b9-a72d-5d98b73b6aec.webp?w=250)
![[Today’s Key Economic & Crypto Calendar] Atlanta Fed GDPNow, More](https://media.bloomingbit.io/static/news/brief_en.webp?w=250)
![[New York Stock Market Briefing] Rebound on bargain hunting in blue chips…Apple jumps 4%](https://media.bloomingbit.io/PROD/news/3710ded9-1248-489c-ae01-8ba047cfb9a2.webp?w=250)