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.
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