TL;DR

OKB tapped $135, its highest price ever, before pulling back 11% within the hour. One-time burn of 65M OKB reduced supply to 21M, fueling a rapid price surge and a record high. RSI at 94.73 shows strong buying pressure, while the Balance of Power reading favors bullish market control.

Price Jumps on Token Burn and Upgrade

OKB stole the show today after a massive triple-digit surge that drove it to a new all-time high of $135. This spectacular rally has materialized mostly in the past day as OKBs weekly and monthly gains are similar to todays surge. 

The total trading volume has risen to over $2.2 billion, according to CoinGecko data. Although OKB has retraced since its peak, its still 132% up daily and sits well above $100.

Perhaps the most probable reason behind the tokens surge is OKX’s decision to burn more than 65 million OKB in a one-time event. After the burn, the total supply will stand at 21 million.

OKX also announced an upgrade to X Layer, its zkEVM blockchain built with Polygon. The change, called the PP upgrade, adds new Polygon CDK features. Throughput will rise to 5,000 TPS, gas fees will drop, and Ethereum compatibility will improve. X Layer will link with OKX Wallet, OKX Exchange, and OKX Pay for features such as gasless withdrawals.

Token Structure and Chain Changes

OKTChain will be retired, and OKT trading will end on August 13, 2025. Remaining tokens will convert to OKB on August 15 using an average price. The chain will remain open for deposits until January 1, 2026.

OKB stays as the native gas token for X Layer. The Ethereum L1 version will be phased out. Holders must bridge tokens to X Layer before L1 withdrawals are closed. Plans also include an ecosystem fund, liquidity rewards, and upgrades to bridges, oracles, and compliance systems.

Technical Readings and Trader View

RSI is at 95, which shows strong buying pressure and an overbought market. Such levels are uncommon but can last when moves are driven by news.

The Balance of Power is 0.62, showing buyers have control. High readings like this often appear during periods of heavy accumulation.

Source: TradingView Trader Efloud said, 

“Perhaps I am a market maker. I don’t know yet… we need to enjoy our profits.” 

He had earlier noted that a pullback into the $43.3–$42.4 range would have him watching for a bullish structure on lower timeframes.

$OKB | Update

Nothing much to say.

Check quoted post, then check this one.

My standards are high but this rise has surpassed even me.

Perhaps I am a market maker. I dont know yet.

The only thing I know is that we need to enjoy our profits https://t.co/wBJIbafSqK pic.twitter.com/jMva60gVXR