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.

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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

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Shourya mainly reports on Cryptocurrency Prices, NFTs and Metaverse. Graduated and post graduated in Journalism, she always wanted to be in business field. Connect with her at [email protected] or tweet at Shourya_Jha7

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.