OKB rallied 221% reaching a new all-time high of $148.9 before retracing to $106, at press time. OKX team announced a 65.2 million token burn and capped total supply to 21 million tokens.
OKB crypto soared from a local low of $46 to a new all-time high of $148.9, marking a 221% increase before significantly retracing.
At the time of writing, OKB was trading at $106, representing a 125% increase over the past week.
Over the same period, the altcoin’s market cap surged from $2.8 billion to $8 billion before cooling off at $6.27 billion. Likewise, the altcoin’s volume surged 17150% to $1.3 billion.
Typically, when market cap and volume rise alongside each other, it signals increased capital flow and growing network activity.
But what triggered this uptick?
As observed by AMBCrypto, OKB’s recent price upswing was primarily driven by the recent OKX token burn and network upgrade.
On the 13th of August, the OKX team confirmed that a one-time burn transaction will be executed on August 15 2025.
The team announced that OKX will remove 65.2 million OKB permanently from circulation. The burn comes from historical repurchases and treasury reserves and will leave OKB’s total supply capped at 21 million.
Besides the token burn, OKX announced a significant upgrade to its Ethereum Virtual Machine (zkEVM) public chain. This upgrade integrates the latest Polygon CDK technology, boosting transaction throughput to 5000 TPS.
With this, the network’s gas fees get slashed to near zero, and it improves Ethereum’s compatibility with developers. These two combined played a significant role in boosting OKB’s price uptick.
Notably, following OKX’s recent announcement, new participants flowed into the ecosystem, boosting network usage.
According to CryptoQuant’s data, OKB’s Active Addresses surged to a yearly high of 1.81K, at press time. Such a spike in active users reflects growing demand for the asset.
Further evidence comes from a positive Price-DAA Divergence.
According to Santiment, at press time, the altcoin’s DAA Divergence turned positive for the first time in thirty days.
This metric typically signals organic demand when it turns positive alongside a rise in active addresses. Such demand often creates upward price pressure, potentially setting the stage for further gains.
As expected, as prices surged, so did the appetite for investors and holders to cash out.
On the 13th of August, OKB’s Spot Netflow surged to an all-time high of $41 million, then declined to -$1.1 million at press time.
As a result, the altcoin supply on exchanges surged with scarcity reaching recent lows. According to Santiment, OKB’s Stock to Flow Ratio declined to almost zero from a recent high of 133K.
When the Stock to Flow Ratio declines, it suggests that there are more tokens available on exchanges to sell immediately. Typically, increased selling pressure causes downward pressure, leading to lower prices.
According to AMBCrypto’s analysis, OKB rallied after a 45 million token burn and network upgrade. As a result, investors rushed into the market, causing speculative demand.
Amidst this, the altcoin’s Relative Strength Index (RSI) surged to 94, reaching overbought territory. Likewise, its Stochastic RSI soared to 95, also hitting the overbought zone, as of writing.
Typically, when momentum indicators are in such a way, they signal buyers’ dominance, but also warn of brewing volatility.
Having said that, if the recently witnessed demand holds, OKB will continue with the uptrend, reclaim $148 and target a new high.
Conversely, if profit takers overwhelm the market as buyer momentum fades, the altcoin will dip again and find support around $74.
