In the past 7 days, the price of OKB has skyrocketed by 177% after a massive token burn that slashed its circulating supply by 93% and supported a bullish short-term OKB price prediction for market participants.
The move followed the project’s transition from an Ethereum layer-2 to an independent blockchain called X-Layer that will be powered by OKB.
This token now has a maximum supply of 21 million as the minting and burning function of its smart contract has been removed. This hard-capped supply mimics that of Bitcoin (BTC) and marks the beginning of a new era for this token.
X-Layer now plans to provide the infrastructure needed for the launch of new DeFi applications, leveraging the huge popularity and user base of the OKX exchange to succeed.
The demand for OKB will be influenced primarily by the success of the X-Layer after this migration off the Ethereum mainnet.
OKB Price Prediction: OKB Gets Repriced and Offers Attractive Upside Potential
After 8 months of trading within a tight price channel, a huge breakout has pushed OKB to uncharted territory and has finally broken the $55 resistance.
This price increase is a direct consequence of the token burn. Before the burn occurred, OKB had a market cap of around $2.8 billion. Right now, that figure stands at around $2.7 billion, meaning that the project’s market value has actually retreated a bit.
Those who owned the token before the burn benefited tremendously from this one-time event. The price will now trade at this higher level as the number of tokens in circulation has decreased.
As the demand for OKB increases as a way to get fee discounts on the OKX platform, the current situation favors a bullish OKB price prediction that could progressively push the asset to much higher levels – possibly to $150 and beyond in the near term.
Since the total supply is now hard-capped at 21 million tokens and minting and burning functions have been disabled, the odds favor the continuation of this rally, especially if investors decide to hold on to their OKB as a long-term investment.
To make the most out of this bull market and profit from this kind of rally, a new crypto futures trading platform called CoinFutures offers access to dozens of tokens, 1000X leverage ratios, and auto trading features.
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