Altcoin Project Proposes $350 Million Burn, Price Experiences Sudden Surge!

Altcoin project Astar (ASTR), listed on Binance, has announced a proposal to burn 350 million tokens.

The Astar Foundation shared a community proposal on June 4th to burn 350 million ASTR, worth approximately $31 million. Following this announcement, the price of ASTR rose by around 8%.

The details of the statement made by the Foundation stated that the voting on the proposal will take place after a 3-week community discussion. The community has already welcomed this proposal positively with the increase:

Astar Network proposes burning 350 million ASTR worth $31 million. The Astar Foundation is considering a significant initiative to burn the parachain auction reserve. Voting on the proposal will take place after a three-week community discussion. Burning the reserve could benefit ASTR holders by reducing the total staked supply, thus increasing the rewards for stakers.

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Increase in ASTR price

According to CoinGecko data, ASTR, which showed an 8% increase under the influence of the news feed, rose from $0.086 to $0.093. After the increase, a significant pullback was observed in the price. ASTR is currently trading at $0.09.