Verasity (VRA), one of the beloved altcoins, burned 50% of its maximum supply today after one of the largest community discussions in crypto history. This move removed 10 billion VRA tokens from circulation.
VRA Tokens Worth $57.38 Million Burned
Following the commercial success of its anti-bot ad technology proposal supported by the patented Blockchain technology ‘Proof of View’, Verasity announced that it no longer needed its strategic reserve of 10 billion tokens. VeraViews, following Verasity, announced that its solution presented at the beginning of the year is already being used by customers and that business development will continue throughout the year.
VeraViews proposed burning 10 billion VRA tokens, believing that it could expand and scale its operations using the revenue generated from Verasity’s technology. Verasity, which focuses strongly on commercial adoption and transparent communication, reached an agreement for token burning with the participation of more than 500,000 community members. Indeed, today the token burning decision made with community participation was implemented.
Following the community discussions, the burning of the initially held strategic reserve wallet consisting of 10 billion VRA tokens was carried out. With the decision, 10 billion VRA tokens, worth $57.38 million, were removed from circulation today. With today’s token burning, the circulating supply of VRA has become limited to approximately 10 billion tokens.
VRA Price Rises After Burning Announcement
Following the token burning announcement by Verasity, the price of VRA started to rise. According to CoinMarketCap data, VRA’s price reached $0.005736 with an increase of more than 10% in the last 24 hours.
VRA, which reached its all-time high (ATH) at $0.08683 on November 1, 2021, has gone through a challenging period since then. The altcoin is currently trading 93.43% below its ATH. Market observers state that token burnings should be closely monitored as they are expected to have a positive impact on VRA’s price in the long term.
