April 18, 2024

After four years of zero activity, several dormant wallets have awoken to transfer massive OKB tokens within the past day. Up to 1,968 dormant accounts moved about 33.23 million OKB coins worth approximately $1.98 billion to the OKX exchange.

Could this be another tale of a buyback and token-burning initiative from the OKX crypto exchange?

Details of Dormant Wallets Transfers of OKB Coins

A crypto analytics platform, SpotOnChain, disclosed the latest development regarding the massive token transfers from dormant accounts. The data shows that 1,968 wallets initiated their first activity after four years of dormancy.

The wallets moved 33.23 million OKB tokens worth $1.98 billion to the OKX exchange.

Notably, OKB is the native of the OKX crypto exchange, which was launched in 2018. There’s no explanation behind the massive token movement to the exchange. Further, SpotOnChain highlighted the number of OKB tokens each wallet transferred to the exchange.

The data revealed that the first ten wallets moved between 17,790 and 17,801 OKB coins. Then, 32,768,969 OKB tokens were moved from the #11 to the #1958 addresses. The remaining accounts transferred between 15,815 and 15,893 OKB coins each.

Additional data indicated that all the wallets had recorded a surge in value from the tokens’ deposits.

Similarly, TK Research posted the development on the X platform. The X user noted that the holders acquired the OKB tokens for between $4 and $7.5 per unit. 

With the current price of OKB at almost $60, the holders could make over $1 billion in profits. Notably, the OKB price dropped to the current price after hitting a new ATH of $73 in March 2024. The profits would have hit the roofs if these wallets had sold the tokens during the ATH period. 

Speculative Buyback and Burning of Tokens

This is not the first time a huge transfer of OKB tokens from dormant wallets has occurred to the OKX exchange. SpotOnChain also captured a similar trend involving the movement of 11.48 million OKB to the exchange on March 16. 

The coins amounted to $748 million in line with crypto market prices.

However, the exchange reacquired and incinerated the 11.48 OKB tokens. Interestingly, about 9.68 million of the OKB tokens destroyed were worth $631 million and came from 539 dormant wallets. Moreover, those accounts have maintained a four-year dormancy period before completing the transaction.

Many speculate that the latest massive movement of OKB tokens could be another buyback and burning mechanism by OKX.

The OKX crypto exchange has maintained strategic token incineration over the years, showing its commitment and proactive approaches to managing OKB’s supply and tokenomics.  

Moreover, OKX has remained resilient while deploying sustainable measures to navigate the ever-changing crypto landscape. Its buyback and burn method involving dormant wallets may ensure that OKB remains a deflationary model.

However, besides OKB, some crypto projects adopt token burning to manage their total and circulating coin supply. The Shiba Inu community also employs a token-burning process to attain the one-cent projected SHIB price. 

According to reports, the project team plans to integrate an auto-burn mechanism on the L-2 blockchain Shibarium. Similarly, Terra Classic (LUNC) is committed to its token incineration and has burnt over 100 billion tokens.


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