• OKX recently published a report highlighting the status of its buy-back and burn program. The 19th round saw the burning of 5,183,976.43 OKB tokens from the secondary market, worth roughly $177 million.
• The price of OKB surged during this period, reaching $57 before dropping back to $42.10 in just 7 days.
• Despite the recent price drop, investor sentiment and MVRV ratio show signs of recovery.
OKX’s Buy-Back & Burn Program: Details
OKX recently published a report highlighting the status of its buy-back and burn OKB program. This particular round was held between 1 December 2020 and 28 February 2023. During this period, OKX bought and burned 5,183,976.43 tokens from the secondary market, which are worth over $177 million.
Price Surge Followed by Drop
OKB witnessed a massive surge in price earlier but it changed trend in the past week as CoinMarketCap data revealed that its price declined by over 16% in the last seven days. At press time, it was trading at around $42.10 with a market capitalization of over $2.5 billion.
Network Growth & Popularity
Though OKB benefited hugely during this period with doubled value from $21 to around $57 during mid-February however its network growth declined as fewer new addresses were used to transfer the token while its popularity also fell as suggested by social volume metric. On the other hand OKX has been witnessing a growth in its network value since early 2023 according to DeFiLlama data which indicated an upward momentum and considerable increase over last 3 months in TVL (Total Value Locked).
Investor Sentiment & MVRV Ratio
Surprisingly despite massive price drop weighted sentiment spiked suggesting investors are confident about token while same is true for MVRV ratio which showed signs of recovery while OKB’s price plummeted hence increasing hopes for future prospects for token holders .
Conclusion
Despite recent dip in prices due to bearish market conditions investors still remain optimistic about long term prospects for OKB as evident from metrics like weighted sentiment and MVRV ratio showing signs of recovery . With more rounds scheduled under buy back and burn program , it remains to be seen how much impact will it have on prices going forward .