Despite this, why is $ASTR dumping ?

Astar Network Plans to Burn 350M $ASTR, 5% of Total Supply

Astar Network has announced it will burn 350 million $ASTR tokens, which accounts for 5% of the total supply.

These tokens were initially allocated for the now-discontinued Polkadot parachain auctions. Following a governance vote, 5% of ASTR's total supply will be burned, and an additional 70 million tokens will be transferred to the community treasury.

Token burns are often perceived as bullish events. However, ASTR's price has dropped about 4% since the announcement, despite a 6% rise before the news.

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