The new year has been a boon for almost all crypto investors. Bitcoin is experiencing significant gains. ApeCoin and MANA have witnessed a double-digit surge in the last week, and now the Woo Network has seen a 20% surge. Though there are many comprehensible reasons for the surge in other cryptocurrencies, Woo Network has a different story to share.
The key reason behind the rise in the price of the Woo token is a major coin burn.
WOO Network’s First Initiative Out Of Four
This coin burn operation is a part of WOO Network’s initiatives to improve. The coin burn is the first initiative in the series of four operations meant to propel $WOO to new heights and strengthen its position in the market. While this is the first chapter towards improvement, make sure to follow the news for other announcements.
The Coin Burn Process
The coin-burning process (destroying) includes sending the coins to a burn address.
Woo Network, as a part of its revamp to tokenomics, is undertaking a major coin burn of 705 million tokens. In addition to this, here are some helpful stats regarding the Woo Network coin burn:
- The net worth of the tokens is $127 million, and they will be permanently removed from circulation.
- These tokens account for 24% of the total tokens in the Woo Network.
- All the 705 million tokens will come from different allocations. These allocations are WOO Ventures, Woo insurance fund, and WOO DAO.
- The distribution of tokens as per the allocations is as follows; WOO Network Ventures – 147,417,657 tokens, WOO DAO – 259,136,204 tokens; WOO insurance fund – 298,697,900 tokens
The impact of this coin burn was so much that Woo Network experienced a boost of 20%. On top of this, the overall gain since the beginning of the year clocked over 45%.
The Woo Network has also made other improvements to boost the value and usage of its token besides the coin burn. Furthermore, Woo Ventures has discontinued the tag of “a number of challenges.”
The Potential Way Out For Investors
There is no certainty that the Woo Network will flourish for long, but there is a certainty that it will rebound. Therefore, investors need to prepare for what may come ahead. Moreover, other than Woo Network, there are various other crypto options to explore and invest in.
C+Charge (CCHG)
As the trend of electric cars is picking up pace, the CCHG tokens will be a lot more worthy in the future. As of now, their value is $0.013 USDT. Also, the presale of the venture has raised over $240k pretty quickly, which is clear proof that the venture is on the way to skyrocketing.
RobotEra (TARO)
The metaverse building game is made on the most recently developed and futuristic technology. The players in this game can monetize their playing skills by selling space for ads on their building. Moreover, as the venture has raised $700K so far and the price of TARO is $0.020 USDT, it is surely a worthwhile investment for the investors.
These technologies have the potential to perform splendidly in the future. Therefore, invest in them and keep an eye on their performance besides the Woo Network.