According to BlockBeats, Astar Network's announcement to burn 350 million of its ASTR tokens led to a brief price surge of nearly 5%. However, the price subsequently fell back, with the token currently valued at $0.0771.
The decision by Astar Network to destroy a significant portion of its tokens is a strategic move often employed by cryptocurrency companies to manage the supply of their tokens and potentially increase their value. In this case, the news of the impending burn led to a short-lived increase in the price of ASTR tokens.
However, the price surge was temporary, and the value of ASTR tokens soon returned to its previous level. Despite the initial excitement generated by the announcement, the market's reaction suggests that investors may be taking a cautious approach to the news. The current price of ASTR tokens stands at $0.0771.
