At the supplied reference price of approximately $108–$111, OKB has a market capitalization of roughly $2.27–$2.34 billion. With its post-2025 fixed supply of 21 million tokens, the most defensible valuation framework is: The central conclusion is that $180–$260 is a defensible upside range if OKX maintains its recent trajectory, while $275–$350 requires substantial execution across X Layer, Web3, institutional products, and regulatory expansion. A price near $500 is mathematically possible but should be considered a low-probability, high-execution outcome, not a baseline expectation.