Woo Network (Woo) increases by 20 %because the Major project announces coin burning coin

Woo Network (Woo) increases by 20 %because the Major project announces coin burning coin

woo network is a defi liquidity provider for institutional platforms and has attracted equity investments by supporters such as Binance.

revised tokenomics for woo

The TOKENOMICS revision of the Woo Network contains a number of improvements to the token distribution, as the team announced on Monday (January 10, 2023). These improvements are part of the efforts to address problems with regard to the current token distribution.

WOOS TOKEN revision begins with a planned combustion of 705 million Woo tokens, which are currently worth $ 127 million. When burning token in crypto, coins are destroyed by sending them to a burning address, which means that they are pulled out of circulation forever. The planned combustion destroy 24 % of the Woo token stock.

The tokens to be burned come from the allocation to Woo Ventures, Woo Dao and the insurance fund of the project. Woos explanation revealed that 147,417,657 Token of Woo Ventures, 259.136.204 Token of Woo Dao and 298,697,900 from the Woo Insurance Fund Part of the Coin Burning process. In addition, the project will process these affected segments after the token burn.

woo venture should be the investment low of the project, but in the announcement "a number of challenges" were mentioned as the reason for the cessation of the project.

after the token-Burn says Woo Network that it will take initiatives to improve the benefits of its native tokens.

The announcement of the token-Burn led to a significant increase in price movements, whereby Woo increased 20 % in today's trade. The price increase on Tuesday is in line with a positive start to 2023 for the Woo-token, which has increased by more than 45 % in the past seven days.

crypto token record a bullish start to 2023

The WOO-TOKE PRICE is part of a series of Bullisches Price Actions at the beginning of 2023. Bitcoin and the rest of the cryptom market have recorded significant profits in the early days of the new year, with Solana increasing by 42 % in the past week. Metaverse coins such as apecoin and mana also recorded double -digit growth in this period.

Despite these pumps, the crypto market is still far from its all -time high in November 2021. The overall market capitalization is currently under 1 trillion US dollar after a one-year winter that touched practically every corner of the industry.

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