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CRO Price Surges More Than 80% Following An Announcement of Coin Burn

Highlights

    The CRO price spikes with an announcement of 70 billion CRO tokens to be burnt in the coming days

    The remaining CRO tokens will be allocated to mainnet block rewards for chain validators and delegators.

    The coin burn is intended to attain 100% circulating supply, 100% decentralization and to enter the payment world, DeFi and NFT’s

Crypto Coin Burn

The largest coin burn in history will begin the current trading day to achieve a complete decentralized network at Mainnet launch. As per the official announcement, 70 billion CRO coins out of 100 billion will be burned as per the schedule mentioned below:

  • 59.6 billion coin burn on 22 Feb 2021
  • 10.4 billion will be burned on a monthly basis. As it is locked in a smart contract and will be burned as it gets unlocked.

To reach a 100% circulation supply of 30 billion, the remaining 5 billion out of 5.9 billion CRO coins will be allocated to mainnet block rewards for chain validators and delegators who keep the network secured.

Finally, the allocation of 0.9 billion CRO to Particle B for Chain ecosystem development.

Also Read: Is Bitcoin Giving an Opportunity for the Altcoins to Gain Traction?

CRO Price Analysis

The CRO price began the previous trading day with a plunge from $0.1519 to $0.1316 followed by a small yet quick recovery. The price trend continued within the same area until the above announcement.

With the coin burn reports, the CRO price jumped like a giant and gained nearly 100 percent within a couple of hours. The price initiated its surge at $0.1301 that jumped straight to $0.2602 in just 5 to 6 hours.

cro price surge

At the time of writing, the crypto coin price is $0.2670 with a jump of nearly 89.40 % in the last 24 hours. The token also smashed its All-Time High(ATH) at $0.2469 just a moment before the press time.

Technical Specifications

  • The resistance levels are pretty hard to determine as the token is trading at its highest levels.
  • The support levels stand at $0.1339
  • The technical indicators for CRO price point out towards a ‘strong buy’ 

Also Read: XRP Price Leaped Sharply, What Is the Game-Plan Put-Out by Whales?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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