The crypto exchange OKX burnt over $258,000,000 worth of its okb tokens (OKB) from March to may in a planned action, sending the token up as the wider crypto market remained unchanged.

OKX’s report on buy-back-and-burn revealed Friday that the total number OKB purchased and burnt from the secondary market in this round was 5,497.312.77 OKB.

The price of OKB tokens increased to $45 after the details about the burnt were revealed. In the last 24 hours, they are up by 1.4%. The token’s market capitalization is over $2.6 billion.

The program of buy-and-burn was launched by OKX in May 2019 when it began to purchase OKB tokens every three months from an initial supply of 300,000,000, depending on the seasonal market and operational performance.

Burn is the permanent removal of tokens from circulation by sending them to an address controlled by no-one. If demand increases, a drop in supply could lead to a price increase for these tokens over time.

Sheldon Reback is the editor.