Merit Circle voted to burn 200 million MC tokens worth $147 million. According to the accepted proposal, approximately $150 million worth of project tokens will be destroyed. With this development, the metaverse coin price saw a sharp rise with the effect of the positive atmosphere in the market.
Merit Circle (MC) will burn all wallet tokens
Gaming and metaverse DAO giant Merit Circle has voted to burn any remaining tokens in its Community Incentives wallet. The Metaverse coin project aims to reduce the total supply in this way. The project conducts monthly token burns. However, this time he made a decision in favor of mass extermination. The proposal to burn 200 million MC tokens has been supported by a large number of supporters of the movement. In the voting, only three of the 232 votes opposed the idea. Thus, overwhelming majority decided in favor of burning.
Following the creation of the Community Incentives wallet, 294 million tokens were assigned to the wallet, representing approximately 30% of the total supply of one billion MCs. Assets are supposed to be used for community rewards. However, the tokens have been sitting unused in the Community Incentives wallet since the allocation. Meanwhile, 6,125,000 MC tokens in the wallet have gone to the burn wallet monthly over the past nine months. After these transactions, about 200 million tokens remained. Now, it has been decided in favor of these tokens to go to the incinerator wallet.
After the vote, the metaverse coin price peaked!
There was a previous proposal that suggested burning the remaining MC tokens in the Community Incentives wallet. “Holding these tokens negatively inflates our tokenomic data. Besides, it serves no useful purpose.” The current plan in the current voting proposal included the following statement:
Burning these (currently pointless) tokens will significantly reduce Merit Circle’s overall supply. It will also bring the fully diluted valuation more in line with the market value in circulation. Likewise, unlocking upcoming tokens will remove doubts from outsiders about whether these tokens will be released or not.
Based on MC’s price at the time of writing, 200 million tokens are worth $147 million. Meanwhile, the metaverse coin price has seen a vertical move following the decision. It skyrocketed from $0.7424 to $0.9123 within minutes. This means a nearly 23% increase in the token price. However, the MC price was later pulled back. At press time, the token was trading at $0.7878, up nearly 9% on a daily basis.
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