A closing announcement came from ALTAVA, the fashion metaverse platform.
ALTAVA stated in a post from its X account that they are preparing to burn 10% of the total TAVA supply by the end of August.
In the cryptocurrency industry, token burning means that coins are sent to a burning address to be destroyed and removed from circulation forever.
100 Million Altcoins Will Be Burned!
ALTAVA has announced its plan to burn 100 million TAVA tokens, or 10% of the total TAVA supply, before the end of August.
It was stated that these TAVA tokens will come from ALTAVA’s already unlocked reserve.
“To further strengthen the TAVA ecosystem and our community-centric approach, ALTAVA will conduct a token burn of 100 million TAVA before the end of August. 100 million TAVA corresponds to 10% of the total supply.”
The token burn announcement sparked a significant price action, with TAVA price rising by as much as 40% following the news. TAVA has given back almost half of its gains and is trading at $0.033 at the time of writing.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/this-metaverse-altcoin-made-a-burn-announcement-its-price-jumped/