OKX Burns 279 Million OKB Tokens Worth $26 Billion in Record Supply Cut

OKX has permanently removed 278,999,999 OKB tokens from circulation in an on-chain transaction worth more than $26 billion at current prices. Executed on Friday, it marks one of the most significant token burns in crypto history and caps OKB’s total supply at 21 million.

OKX burned over 65 million OKB tokens from buybacks and treasury reserves. The burn reduced the total supply from 300 million to 21 million tokens. The exchange will upgrade the token’s smart contract to permanently disable minting and manual burns. The upgrade will lock the supply cap in code. This aligns OKB’s scarcity model with Bitcoin’s fixed supply approach.

The announcement sent OKB soaring from $46 to an all-time high of $142.88 within an hour. The extreme supply reduction fueled the rally, and expectations for broader utility across OKX’s ecosystem also drove prices higher. At the time of writing, OKB is trading at $92.78, down $6.93 (-6.95%) over the past 24 hours.

Crypto analyst Tokenomist noted on X:
“From 2019 to today, $OKB kept burning. But with 65M tokens gone (~75.6% supply), the latest @okx move sent the price +193%.”

CoinMarketCap also highlighted the move:
“OKB Rockets 170% as OKX Burns 65M Tokens, Caps Supply.”

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