The Pteria DAO has announced that it burned over 13 M tokens and is focusing on other development goals for the currency.
According to a Medium post on Nov. 13, the development foundation drastically reduced the number of tokens in existence as part of an effort to become more efficient as it moves forward.
At a current price of $3.10 per token, the value of the burned tokens is nearly $42 M. The coin has reacted positively to the news, seeing a price increase of nearly 35% on the day at press time.
After a crazy launch that attracted thousands of people on different social channels, the PTERIA Team decided to listen to the community and to significantly reduce the total supply of its governance token, taking it from 21 million to 7.2 million.
It’s possible thanks to one of the most SPECTACULAR BURNs of all time in the crypto world since we are talking about burning more than 13.8 million tokens, which at the time of writing are equivalent to more than 40M dollars.
To reach this BURN, Pteria DAO had to obtain the approval of the Advisors, the Founders of Pteria, the Early Investors and external partners (such as Wallem). The operation was successful, and therefore the new total supply will become only 7.2M.