NewsCrypto to burn $10 million NWC tokens — Why?

`NewsCrypto sticks to its promise of burning $10 million worth of NWC tokens for the good of its community, including the investors. The investors here include all the token holders and stakers. The aim of NewsCrypto is to keep the NWC token deflationary and create value for its holders.

The NWC coin with a market cap of $149,846,183, a daily trading volume of around $15,494,117 and a total supply of 278 042 906, is the best token in the educational section, according to CoinMarketCap (CMC). And indeed, the NewsCrypto team is working hard to maintain that top position and bring value to the entire crypto community.

Of course, we all know NewsCrypto as the best trading educational platform with world class tools, including heatmap, AI sentimental analysis tool and community price prediction facility. However, apart from these top notch tools, NewsCrypto boasts of its token NWC.

Writing on its Twitter account, it says: “We are always committed to giving back to our community and token holders by burning of 20% of all subscriptions.” This is a big give back to the community as it results in a more valuable token, measured by its stability and a steady increase in price.

Why $10 million worth of NWC as a goal?

The development team promised to burn $10 million worth of NWC by the end of 2021. The reason for this is very understandable and appreciable. The team says, “We are doing this because many members acquired their membership through staking which means that there weren’t any fees burnt.”

Therefore, this large quantity of NWC tokens is burnt to cover up for the potential subscription fees which the people would have paid, if they were not awarded it through staking.

Already $1 million worth of NWC were burnt in May 2021. The remaining amount of the $10 million worth of NWC will be burnt later in the year, which should coincide with the accomplishment of major platform upgrades.

What is the logic of token burning?

Many people wonder why a company should burn the token it has created. For a better appreciation of the reasons, let’s find what the burning process involves. Token burning means the permanent removal of a certain quantity of a cryptocurrency from circulation. This is done to keep the token or coin deflationary, meaning that it is not affected by inflation.

This is similar to the process of share buyback which public companies do. The main motive for this is to keep the price of the coin stable, which creates value for the token holders.

So, basically, NewsCrypto is doing this to ensure that investors and token holders get value for their money. That is why it is worth investing in a deflationary token, such as NWC.

Community

The NewsCrypto community is growing from time to time.

Website: NewsCrypto

Telegram: English Chat