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.
Fenerbahce, which is among the clubs that issue its own token, announced the date of the second planned burning of the tokens in its announcement today.
According to this Fenerbahce Token The second planned burning will take place on January 31st.
The previous burning process took place on October 15, 2021, and 170,000 FB Tokens were burned and withdrawn from circulation. The value of these tokens at the time of burning was equivalent to approximately 11 million 500 TL.
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.
Fenerbahçe Token continues to be traded at 35.7 TL as of our news hour.
*Not Investment Advice.