OKB price rose 50% to hit a new all-time high of $195.
The altcoin is outpacing peers as investors react to tokenomics changes.
OKB is seeing traction as altcoins bid to break higher.
OKB, the native token of the OKX exchange, has soared to a new all-time high of $195, with intraday gains of over 50% catapulting the altcoin to the new ATH.
OKB’s price surge has also come amid a significant spike in daily volume, with market data showing the OKX token witnessed a staggering 428% uptick in 24-hour trading volume.
At the time of writing, the metric hovered around $1.17 billion.
Meanwhile, OKB is one of the standout performers in the past 24 hours and week, outpacing top altcoins as recent bullish catalysts keep bulls in control.
BNB also hit a new peak as exchange tokens rally.
Why OKB surged 50% as it hit a new all-time high
As top altcoins braced for a fresh dose of downside volatility, OKB extended its recent rally to a new ATH.
Having gone vertical from lows of $46 to highs of $116 on Aug. 13, the token retested the $92 area.
But bulls have traded higher since, breaking above $150 and hitting the intraday record high of $195 on Aug. 21.
The buying pressure follows a strategic tokenomics overhaul that OKX undertook recently, with this significantly altering the OKB’s supply dynamics.
On Aug. 13, OKX executed a massive one-time burn of 65.26 million OKB tokens, slashing the circulating supply by over 50% to a fixed cap of 21 million tokens.
The move meant OKX aligned its token’s supply with Bitcoin’s hard cap, with the deflationary event a key catalyst to the parabolic price action.
The supply change has seen OKB’s market cap surge to $4 billion, while the price has increased nearly 90% in the past week and over 290% in the past 30 days.
As well as the token burn, OKX introduced an upgrade to its zero-knowledge Ethereum Virtual Machine (zkEVM) network built with Polygon technology.
The upgrade boosted the network’s transaction capacity to 5,000 transactions per second while slashing gas fees to near-zero levels, enhancing OKB’s utility as the native gas token.
OKB price outlook
OKB’s price trajectory has pushed key technical metrics to extreme levels, with the Relative Strength Index (RSI) hitting overbought conditions.
Per the daily chart, OKB’s price hovers at a level where the RSI is above 92 and signaling a potential reversal.
However, the Moving Average Convergence Divergence (MACD) remains strongly bullish, with the MACD line above the signal line.
This and the histogram’s outlook suggest sustained buying pressure.
If bulls weather profit-taking deals, the next target will be a spike above $200 and further price discovery.
On the downside, support levels include $125 and $92.
