- OKB price rose 50% to hit a new all-time high of $195.
- The altcoin is outpacing peers as investors react to tokenomics changes.
- OKB is seeing traction as altcoins bid to break higher.
OKB, the native token of the OKX exchange, has soared to a new all-time high of $195, with intraday gains of over 50% catapulting the altcoin to the new ATH.
OKB’s price surge has also come amid a significant spike in daily volume, with market data showing the OKX token witnessed a staggering 428% uptick in 24-hour trading volume.
At the time of writing, the metric hovered around $1.17 billion.
Meanwhile, OKB is one of the standout performers in the past 24 hours and week, outpacing top altcoins as recent bullish catalysts keep bulls in control.
BNB also hit a new peak as exchange tokens rally.
Why OKB surged 50% as it hit a new all-time high
As top altcoins braced for a fresh dose of downside volatility, OKB extended its recent rally to a new ATH.
Having gone vertical from lows of $46 to highs of $116 on Aug. 13, the token retested the $92 area.
But bulls have traded higher since, breaking above $150 and hitting the intraday record high of $195 on Aug. 21.
The buying pressure follows a strategic tokenomics overhaul that OKX undertook recently, with this significantly altering the OKB’s supply dynamics.
On Aug. 13, OKX executed a massive one-time burn of 65.26 million OKB tokens, slashing the circulating supply by over 50% to a fixed cap of 21 million tokens.
The move meant OKX aligned its token’s supply with Bitcoin’s hard cap, with the deflationary event a key catalyst to the parabolic price action.
The supply change has seen OKB’s market cap surge to $4 billion, while the price has increased nearly 90% in the past week and over 290% in the past 30 days.
As well as the token burn, OKX introduced an upgrade to its zero-knowledge Ethereum Virtual Machine (zkEVM) network built with Polygon technology.
The upgrade boosted the network’s transaction capacity to 5,000 transactions per second while slashing gas fees to near-zero levels, enhancing OKB’s utility as the native gas token.
OKB price outlook
OKB’s price trajectory has pushed key technical metrics to extreme levels, with the Relative…