The recent surge in the price of OKB has caught the attention of the crypto community, with many attributing this rally to token supply reductions and increased utility. In August, OKX made a bold move by permanently burning over 65 million OKB tokens, reducing the total supply to 21 million. This scarcity model mimics that of Bitcoin and triggered a parabolic surge in the price of OKB, reaching an all-time high of $258 from a low of $44.
The reduction in token supply not only caused a price surge but also positioned OKB as one of the strongest performers in the market. Investors quickly recognized the scarcity factor and priced it into the token, driving up demand. Additionally, OKB’s ecosystem expansion played a crucial role in supporting its value. The X Layer blockchain, designed for decentralized finance, payments, and tokenized assets, offers high throughput and minimal fees, making it an attractive option for users.
Data from Certik Skynet shows that the number of OKB holders has been steadily increasing, with the top 10 wallets controlling over 50% of the token supply. This indicates a strong commitment from large holders and gradual growth in retail adoption, which enhances market depth.
After the explosive gains in August, OKB price consolidated within a symmetrical triangle in September. However, with the onset of October, the price broke out of this consolidation pattern, aligning with the seasonal trend known as “Uptober.” Currently, OKB is trading near $222, with a brief spike to $237 following the announcement of BTC staking availability in the US.
Technical analysis suggests that OKB may retest its ATH of $258, with a potential target of $300 in the near term. Correlation analysis shows that OKB is moving independently compared to BTC and ETH but remains closely aligned with other exchange tokens like BNB.
With bullish fundamentals, tightening supply, and ecosystem growth, the outlook for OKB remains positive. The immediate resistance is at $258, with $300 as the next milestone that traders are closely monitoring for potential upside.
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