Altcoin Project Proposed Burning of 350 Million Dollars, Price Had a Sudden Jump!

Binance-listed altcoin project Astar (ASTR) announced its 350 million token burn offer.

On June 4, the Astar Foundation shared a community proposal to burn 350 million ASTR, worth approximately $31 million. After this post, ASTR price increased by around 8%.

In the details of the statement made by the foundation, it was stated that the vote on the proposal will take place after a 3-week community discussion. The community, on the other hand, has already stated that it has received this offer positively, with the increase experienced:

Astar Network recommends burning 350 million ASTRs worth $31 million. Astar Foundation is considering a major initiative to burn the parachain auction reserve. The vote on the proposal will follow three weeks of community discussion. Burning the reserve can benefit ASTR holders by reducing the total stake supply, thus increasing rewards for stakers.

ASTR price rise

According to CoinGecko data, ASTR, which increased by 8% due to the news flow, rose from $ 0.086 to $ 0.093. After the rise, a significant decline in price was observed. ASTR is trading at $0.09 at the time of writing.