Large whale transfers have dominated the OKB market in mid-August. On August 18, several wallets moved more than $2 billion worth of OKB into OKX, creating the largest wave of exchange inflows the token has seen this year. A single day saw more than 553,000 OKB, valued at about $58 million, added to exchange balances. Such inflows boost liquidity but often raise concerns that large holders may be preparing to sell.
The inflows came just days after a massive burn event, which permanently removed nearly 20 million OKB tokens valued at $2.25 billion from circulation. Together, the whale activity and supply reduction triggered violent price swings, with OKB rising 167% in one week to trade around $123 on August 19 after touching highs above $140.
Record Token Burn Tightens Supply
On August 13, OKX confirmed that it had burned more than 65 million OKB in total, finalizing a long-planned reduction that set the maximum supply at 21 million tokens. This change placed OKB among a small group of exchange tokens with a Bitcoin-like fixed supply. The sharp reduction fueled speculation that scarcity would drive long-term value.
The market response was immediate. Within days, OKB price surged from $46 to $142, securing one of its strongest weekly gains on record. While some of the move was speculative, the scale of the burn created real scarcity in a token that already has a relatively small float compared to its peers.
Alongside the supply cut, OKX rolled out the “PP upgrade” to its X Layer, a Polygon CDK-based public chain. The upgrade lifted throughput to around 5,000 transactions per second, reduced gas fees, and improved Ethereum compatibility. This development added a utility-based narrative to OKB’s rally. Scarcity from the burn coincided with infrastructure growth, helping the token attract both speculative and long-term interest.
Can OKB Hold $120 or is a Correction Toward $100 Next?
The daily chart shows how extreme the rally has been. OKB is trading far above its support levels, with the 20-day exponential moving average at $79.68, the 50-day at $63.41, the 100-day at $57.09, and the 200-day at $53.36. The distance from these averages highlights the parabolic nature of the move.
The Relative Strength Index sits above 85, deep in the overbought zone. Such readings often follow vertical rallies but usually precede periods of consolidation or correction. Traders should expect volatility as the token cools from its peak.
If momentum continues, OKB could retest the $130 to $135 range and possibly extend toward $150. However, heavy whale inflows suggest profit-taking remains a risk. On the downside, immediate support sits around $100 to $105, with deeper corrections possible toward $90 if selling pressure builds.
