An altcoin project, which is also followed in Turkey, has announced the burning of coins. After the announcement, it managed to rise up to 20 percent. Although it has experienced a slight pullback at the time of writing, it continues to trade on the green board. Here are the details…
This altcoin has made new announcements: They will burn coins
WOO, Woo Network’s native token, saw a 20 percent gain on Tuesday as the team announced significant changes to the token economy. Woo Network is a DeFi liquidity provider for enterprise platforms. Besides, cryptocoin.com As we reported, it had attracted equity investments from backers like Binance. According to the team’s announcement the other day, the revamp of the Woo Network token economy includes a number of improvements in token distribution.
These improvements are part of efforts to address current token distribution related issues. Woo’s token renewal will begin with the planned burning of 705 million WOO tokens, currently worth $127 million. As it is known, coin burning is the destruction of coins by sending them to a burning address and removing them from circulation forever. With the planned burn, 24 percent of the WOO token supply will be destroyed.
Some branches of Woo Network will close
According to the announcement, the tokens to be burned will come from allocations to WOO Ventures, WOO DAO and the project’s insurance fund. Woo’s statement revealed that 147,417,657 tokens from WOO Ventures, 259,136,204 tokens from WOO DAO and 298,697,900 tokens from WOO insurance fund are part of the coin burn process. In addition, the project will close these affected segments after the token burn. WOO Ventures was supposed to be the investment arm of the project, but the announcement cited “several challenges” as the reason for the shutdown.
The “utility” of the token will also be improved
Following the token burning, Woo Network said it will take initiatives to improve the utility of the native token. The token burn announcement caused a significant spike in price action, with WOO gaining 20 percent in last night’s trade. Tuesday’s price increase is in line with the positive start of 2023 for the Woo token, which has risen more than 45 percent in the past seven days. At the time of writing, the coin is up 7 percent with a slight pullback. It changes hands at $0.165.
The WOO token price is part of a series of bullish price movements in early 2023. Bitcoin and the rest of the crypto market experienced significant gains in the first days of the new year. Solana rose 42 percent last week. Metaverse coins like ApeCoin and MANA also recorded double-digit gains during this period. Despite these increases, the crypto market is still far from its all-time high in November 2021. After the “winter” that affected almost every corner of the industry, the total market cap is now under $1 trillion.
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