24 dormant wallets deposited 428,145 OKB, equivalent to $24.31 million, on cryptocurrency exchange OKX. Whales' average token deposit price was $56.78 per OKB.
These wallets had withdrawn a total of 443,718 OKBs from OKX four years ago at an average price of just $6.36, amounting to $2.82 million. The value of the joint OKB assets has since increased by $21.59 million to $24.41 million, a 792% increase over the deposit price.
This development comes on the heels of a major Buyback and Burn event held by OKEX on March 16, 2024. During this event, 11.48 million OKBs worth $748 million were bought back and burned. Remarkably, 9.68 million OKB ($631 million) of these tokens came from 539 wallets that had been dormant for four years, similar to the 24 wallets in question.
Team OKX has been buying back to burn OKB every three months since May 4, 2019. This is based on market and operational performance, but they do not disclose specific rules. Given this pattern, it stands to reason that 24 wallets may have returned their OKB tokens for another Buyback and Burn event.
*This is not investment advice.