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Token burns for cryptocurrencies are crucial actions that directly affect prices, and we are witnessing another one. A crypto project has just announced that it will burn 5% of its supply, which is 350 million tokens. What are the details of this burn?
ASTR Coin Burn
ASTR Coin will burn 5% of its supply through a governance vote, and 70 million tokens will be transferred to the community treasury. The tokens to be burned were allocated for Polkadot parachain auctions. The altcoin price, which increased by more than 7% in the last 24 hours, may rise further after the burn. At the same time, the daily trading volume increased by 84%, reaching 50 million dollars.
Astar Network agreed with Polygon in March and started working on the integration of AggLayer. This product was designed to connect networks with zero-knowledge proofs. At the time of writing, BTC remained weak, so ASTAR Coin (ASTR) did not achieve massive gains with the announcement. The price increase was close to 10% at the time of writing, while BTC was still hovering around $62,800.
