Most of the crypto top 100 is barely moving this week. Bitcoin and Ethereum are stuck in tight ranges, altcoins are drifting sideways – but one token has completely stolen the spotlight: OKB.
The OKX exchange token has surged past $240, jumping another 27% today alone. Over the past month, OKB has rallied nearly 300%, hitting fresh all-time highs while the broader market looks flat.
So why is OKB ripping while everything else stalls?
What you'll learn 👉
The Historic Burn
As we explained in yesterday’s outlook, one of the biggest sparks came on August 13 when OKX executed one of the largest token burns in crypto history. More than 65.26 million OKB, worth around $7.6 billion, were permanently removed from circulation.
#Bitcoin dumping!$ETH dumping!
— Sjuul | AltCryptoGems (@AltCryptoGems) August 21, 2025
But only one coin in the Top 100 is breaking records right now: $OKB
Here’s why it’s ripping:
1️⃣ A historic burn@okx permanently removed 65.26M OKB (~$7.6B) from supply. Circulating supply dropped by more than 50%. Total supply is now locked… pic.twitter.com/mRGVvkSI0G
That move cut the circulating supply by more than half and locked the total cap at 21 million – the same scarcity zone as Bitcoin. In simple terms, OKB is now harder to come by, and markets reacted instantly to the shock.
OKB Price Reaction
The effect on price has been dramatic. Within days of the burn, OKB exploded more than 160%, smashed through the $200 barrier, and kept climbing. Today, it hit above $240, printing another new record.
Over the last 30 days, OKB is up almost 300%, easily outperforming every other top 100 coin. In a market starved for momentum, this kind of surge stands out even more.
On the daily chart, OKB’s RSI has exploded to 96, a level rarely seen even during strong bull runs. An RSI this high signals extreme overbought conditions, meaning the token has run far ahead of its usual trend. Such readings often precede short-term pullbacks as traders take profits. In other words, OKB may need to cool off or consolidate before attempting another leg higher.
Read also: One Click, Millions in BTC and USDT Gone: The Crypto Scam You Need to Know About
X Layer Upgrade
The burn wasn’t the only catalyst. OKX also launched its new X Layer, a Layer 2 blockchain built with Polygon’s zkEVM technology. It can handle up to 5,000 transactions per second at near-zero cost, and here’s the key detail: OKB is the exclusive gas token.
That gives OKB direct utility across the entire OKX ecosystem – exchange, wallet, payments, and now blockchain transactions. Scarcity plus real-world usage is a powerful mix, and investors are betting on it.
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