The announcement by WOO Network that nearly 25% of its total supply will be incinerated has led to volatility in the price of WOO.
WOO Network announced on its official website on January 10, that with the changes it has made to the WOO token economy, the total supply will be approximately to 25% corresponding $116 million worth 705 million tokens announced that he would be burned.
In the statement, it was reported that the tokens to be burned will be met from the part allocated to the fund of WOO Ventures, WOO DAO and the project, which was previously mentioned in the prospectus. Developer team from WOO Ventures 147,417,657, from WOO DAO 259.136.204 and from the WOO fund 298,697,900 with the closing of WOO Ventures while stating that the token will be withdrawn and burned WOOX and WOOFi announced that it will organize an airdrop for its users.
On the other hand, WOO Network expressed that it will make new initiatives to develop and improve the native token WOO.
With the WOO price announcement, $0.155 from approximately 20% experiencing the rise $0.186 dollars reached levels. However, after his rise, experiencing a decrease WOO, at the time of writing from $0.165 is being traded.