Neutral
Polygon burns 100 million POL tokens, reducing supply by 1%.
In the past 24 hours, Polygon has permanently burned 100 million POL tokens, representing approximately 1% of its total supply. This burn, initiated by CEO Sandeep Nailwal, was executed through a community-triggered contract on the Polygon network. Despite this deflationary measure, POL's price has experienced a slight decline of 6.46% over the past day, trading at $0.1014. However, the token has seen a nearly 10% increase over the past week.
Key points
- The burn reduces POL's total supply by 1%, potentially increasing scarcity.
- POL's price has decreased by 6.46% over the past day, trading at $0.1014.
- Despite the burn, POL has increased nearly 10% over the past week.
Sources
AI-generated from public news sources. Not financial advice.
