OKX is said to have burnt $258 million worth of its token OKB earlier this year to lower the number of OKB on the market

OKB's growth over the past year has been excellent, and the 2022 sell-off didn't hurt it too much.

Last week, the SEC sued Binance and Coinbase, which are two of OKX's key competitors.

Unsplash/Patrick Hendry

OKX is the eighth biggest cryptocurrency exchange in the world. From March to May of this year, it is said to have burned about $258 million worth of its native token OKB in order to reduce the number of OKB on the market. The planned move let the token make gains while the rest of the cryptocurrency market stayed mostly flat. Since the beginning of the year, the exchange currency has been

The price of an exchange token has gone up by about 50% and is now around $39 per token.

OKX has been trying to get the attention of crypto buyers lately. Last year, it started a big marketing campaign that included putting its logo on the football uniforms of Manchester City. And since Binance and Coinbase, two of its main rivals, were sued by the SEC last week, worried people might be looking for other places to trade, which could be good for OKX's inflows. Its OKB token has also done pretty well over the past year, with a 239% increase in value.

(About the OKB)

OKB is a digital currency that runs the OKEx environment, which is one of the best places to buy and sell digital assets in the world. OKB is an ERC-20 coin built on the Ethereum blockchain. It is used on the OKEx platform as a utility token. It was released in 2018 by OKEx, a cryptocurrency company based in Malta. The main goal of OKB is to give OKEx users different perks and incentives. OKB holders can get lower trade fees on the OKEx platform, take part in token sales, use special features, and earn rewards through staking and loyalty programmes. The token gives you access to customer help first and lets you vote in community elections, among other things.