Why OKB Price Surge: Token Burn and Upgrade Key Catalysts

OKB, the native cryptocurrency of OKX crypto exchange, is currently experiencing a major bull run, defying the broader market trend. Over the past nine days, the token has seen a staggering hike of more than 400%, propelling it to new all-time highs. Hitting a new all-time high of $256, it has emerged as the top performer of the day.

Notably, the OKB price surge is driven by the recent token burn event and the OKX ecosystem’s blockchain upgrade. These pivotal events have played a significant role in the token's rebound, with the token targeting record highs.

OKB Price Surge: Is $500 in Sight?

Currently, the OKX crypto exchange’s native token is experiencing a bullish reversal after a long period of a bearish trend. The altcoin has been on an upward trajectory since yesterday, consistently reaching new record highs.

Breaking out of its three-year trading range of $11-$50, the crypto surged past $200 for the first time. After hitting an ATH of $243 yesterday, the coin slightly dipped, only to skyrocket now.

Though the token dipped below the $200 level, the price uptrend continued to hit a new record high of $256 earlier today. As of press time, the crypto is trading at $219.07, up 16% in a day. Over the past seven days, the coin has seen a staggering hike of 128%. At the same time, it surged by about 350% in a month.

Driven by this positive sentiment, analysts and traders remain optimistic about the OKX native coin’s potential trajectory. For instance, analysts like @btcdaheng predict that the cryptocurrency is paving its way to an ambitious target of $500.

What is Driving This OKB Price Surge?

Significantly, the major catalyst for this OKB price surge is the platform’s recent 65 million token burn event . On August 13, the ecosystem reduced the total coin circulation to 21 million by burning $7.5 billion worth of cryptos. Following this event, the altcoin started exhibiting a bullish trend, pushing its trading volume to $1.08 billion, marking a staggering 19,000% hike.

Another significant event that contributed to the OKB price surge is the blockchain migration. The OKX ecosystem has recently migrated to Layer X, a public chain built on zkEVM technology in partnership with Polygon. The optimism surrounding these enhanced functionalities has been a major driver of the rally.

According to Coinglass data, OKB's futures open interest has reached a new high of $23.21 million. Over the past 24 hours, it surged over 100%, signaling increased activity from futures traders.

Significantly, a surge in open interest during a bull run indicates fresh capital entering the market. This further bolsters the positive sentiment surrounding the cryptocurrency, indicating that crypto is poised to continue its bull run.