OKB Token Sees 1968 Dormant Wallets Wake Up, Fuels Speculation of Another OKX Buy-Back and Burn Event

1968 wallets that have been dormant for four years have suddenly sprung to life, sending back 33.23 million OKB tokens (currently valued at $1.98 billion) to the OKX exchange over the past 16 hours. According to Spot On Chain, this sudden activity has sparked speculation among the crypto community about the possibility of another imminent Buy-Back and burn event for the OKB token.

Previous Buy-Back and Burn Events

The speculation surrounding another potential Buy-Back and Burn event is not unfounded, as OKX has a history of conducting such events. On March 16, OKX repurchased and burned 11.48 million OKB tokens, worth approximately 748 million.

Interestingly, 9.68 million OKB tokens (valued at $631 million) from this event came from 539 wallets that had been dormant for four years, similar to the 1968 wallets that have recently become active.

In December 2023, OKX repurchased and burned OKB tokens worth approximately $630 million, demonstrating the exchange’s commitment to the token’s value and scarcity.

Historical Buy-Back and Burn Rounds

OKX has conducted several buy-back and burn rounds in the past, each resulting in a significant number of OKB tokens being removed from circulation:

  • The 20th round of the Buy-Back and Burn program, which took place between March 1 and May 31, 2023, resulted in the burning of nearly 5.5 million OKB tokens, worth $258 million.
  • Between June and August 2019, the 5th round burned 6.1 million OKB tokens.
  • The 6th round, which took place between September and November 2019, saw over 5.9 million OKB tokens burned.
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Potential Impact on OKB Token Value

The sudden awakening of the 1968 dormant wallets and the subsequent transfer of 33.23 million OKB tokens back to OKX have caught the attention of the crypto community.

Many are speculating that this activity could be a precursor to another significant Buy-Back and Burn event, which would likely have a positive impact on the value of the OKB token.

Buy-Back and Burn events are designed to reduce the circulating supply of a token, thereby increasing its scarcity and potentially driving up its value.

If OKX were to conduct another large-scale Buy-Back and Burn event, it could lead to a surge in demand for the OKB token as investors anticipate the potential price appreciation resulting from the reduced supply.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency