OKX's Exchange Token OKB Hits New All-Time High

The OKB token of the OKX exchange has surpassed its previous high from May 2021, reaching a new all-time high (ATH) following a period of increased transparency by OKX.

According to CoinMarketCap data, the OKB token peaked at $45.20 on the morning of February 6, 2023, surpassing its previous high of $39.80 from May 2021, a time when the crypto market was at its peak.

In the past 30 days, OKB has surged over 64%, recovering robustly from its low of $17.75, which followed the FTX collapse in early November 2022.

OKB Price Movement in the Last 3 Months, screenshot from CoinMarketCap as of 12:00 PM on February 6, 2023

The growth momentum for OKX is attributed to the exchange's recent efforts to increase transparency in its asset reserves and to the influx of users withdrawing funds from Binance in December 2022.

In its latest asset report, OKX confirmed it holds $7.5 billion in user assets, marking a 17.1% increase from December. According to third-party analytics, OKX boasts the highest clean reserve ratio at 100%. A platform with a “clean reserve” is defined as having a low proportion of exchange token value relative to its total reported assets.

Details: OKX Releases New Asset Report, Holding $7.5 Billion in User Funds

Data from DeFiLlama indicates that, over the past month, OKX recorded a positive net inflow/outflow of $471.75 million, second only to Binance.

Top Crypto Exchanges' Net Inflow/Outflow Statistics as of 12:00 PM on February 6, 2023. Source: DeFiLlama

OKX's visibility in 2022 also increased due to its rebranding from OKEX to OKX and its sponsorship deal with reigning Premier League champions Manchester City.

OKB is the exchange token of OKX, issued as an ERC-20 token on the Ethereum platform. OKB holders benefit from trading discounts on OKX, interest on OKX savings, participation in token launchpad events, margin trading, lending, and more.

As of midday February 6, OKB is the 26th largest cryptocurrency by market capitalization, standing at $2.6 billion. However, its 24-hour trading volume is relatively low at $27.3 million, primarily from trading pairs on OKX itself.

Key Metrics for OKB as of February 6, 2023, at Noon. Source: CoinMarketCap

Meanwhile, OKX ranks as the 7th largest global crypto exchange with a 24-hour trading volume of $1.2 billion.