tl;dr
OKB, the utility token of OKX exchange, surged 88% over the past week and 51% in 24 hours, reaching a high of $196 before settling at $193. Trading volume increased significantly, with spot volume at $7.74 billion and futures volume up 396% to $200 million. Open interest rose 195% to $17.52 million....
OKB, the utility token of crypto exchange OKX, has experienced a significant price surge, rising 88% over the past week and 51% in the last 24 hours. The token reached a new high of $196 before settling slightly lower at $193. This price action coincided with a notable increase in trading volume, with spot market activity hitting $7.74 billion in the past day. Futures volume also skyrocketed by 396% to $200 million, while open interest climbed 195% to $17.52 million, indicating growing market enthusiasm.
The recent all-time high for OKB comes on the heels of a major token migration to OKX's new blockchain, X Layer. As of August 21, 90% of OKB tokens had been transferred, consolidating the token under a fixed supply of 21 million. In conjunction with this migration, OKX permanently removed 65.26 million OKB tokens from circulation through a burn process, reducing the circulating supply by 93% and shifting to a capped supply model. This strategic move has tightened supply dynamics, bolstering the token's market appeal.
From a technical perspective, OKB is currently in a clear uptrend, trading between $167 and $195. Key support zones lie between $150 and $155—levels that previously acted as consolidation points—as well as secondary supports at $125 and $100. Resistance stands at $195, with traders eyeing psychological thresholds of $200 and $250 next. The Relative Strength Index (RSI) sits at 92, signaling the token is overbought, which may suggest a potential slowdown in momentum but simultaneously highlights strong recent buying. Although the BBTrend indicator remains negative, it may lag during rapid price movements, making trading volume and social interest stronger confirmation of current strength.
The convergence of a fixed and reduced supply, recent migration to a unified blockchain, and heightened market engagement has sustained investor interest in OKB. Market participants are now closely watching whether the token can maintain its elevated price level or muster the momentum to break further highs. This dynamic sets the stage for an engaging period ahead in OKB trading.