Announced recently Fenerbahce token Burning process is complete. The previous burning process took place on October 15, 2021 and 170,000 units were burned. FB Token was burned and taken out of circulation.
In the official statement, it was stated that 477,500 FB Tokens were burned in the second burn. Burning details were shared as follows:
FB token price As of our news hour, it is traded at 31.70 TL. On January 19, when the burning date was announced, the price was around 35 TL.
The value of the burned tokens is approximately 15 million TL as of our news hour.
What is Fenerbahçe Token Burning Process?
Token burning is defined as the removal of an amount of a token from circulation by sending it to an irreversible address. Crypto assets once removed from circulation can never be brought back.
As stated in the Fenerbahçe Token whitepaper, the maximum supply of Fenerbahçe Token will be 190 million 700 thousand, the entire supply will be produced within 25 years. With the planned incineration to take place, the final supply will decrease to 100 million units.
Increasing Fan Token Interest
The increasing number of cryptocurrency investors in Turkey had mobilized sports clubs and many clubs had launched their own fan tokens. These tokens, which were issued to offer various privileges to the fans, have a considerable investor base.
*Not Investment Advice.