WOO Token Price Soars Over 35%, Here’s Why
The twitter space for the WOO Network ecosystem informed that 705 million WOO tokens have been burned as they complete the first step towards token improvement. This accounts for approximately 24% of the total tokens in supply.
WOO Network website had earlier claimed that the network will work towards the betterment of the token. Citing the reason of the crash of FTX and Terra Sisters in 2022, WOO Network will be working to create an environment that will not be harshly impacted by the adverse market situation.
Hence, they decided to burn a total of 705 million WOO tokens. WOO Token, WOO DAO, and WOO insurance were the fund tokens that were burned. However, the procedure is supposed to stop now.
WOO takes a step toward transparency
The network stated that they are working towards the transparency of token distribution as the first step, which will be their “recipe for success”. They also addressed the concerns being raised by the customers and members about the large supply of tokens which eventually led to an increase in inflation.
Also read: XRP News: Are Crypto Whales Riding XRP Price Surge?
There has been a wide gap in the market cap and the fully diluted value of the token. To solve this issue, WOO Network has decided to transfer approximately 545 million WOO reward tokens to a time locked smart contract for vesting. On being vested, they will be in custody until required.
WOO trading vol spikes by 532%
The price of the token has surged by 29.56% in the last 7 days. In the last 24 hours, the price of the token hiked by 6.43%. Each WOO token is costing 0.1644 USD. The market cap has gone upwards and stands at 269.094 million USD. The trading volume is seeing a boost of 532.39% as compared to the previous day. 
Source: coinmarketcap
Also read: Will Bitcoin Price Pumps Ahead As BTC future ETFs Regain Attraction
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
