After Binance CEO CZ burned approximately 3.6 million TUT and #BROCCOLI tokens, #TUT prices increased by 15% and BROCCOLI by 17%.
Changpeng Zhao (CZ), the former CEO of Binance, one of the most influential names in the cryptocurrency world, rejected the burning of TUT and BROCCOLI tokens worth a total of $ 3.6 million. According to the transaction approved by CZ, a total of 45.58 million TUT tokens ($ 1.95 million), BROCCOLI (caAb) tokens ($ 1.1 million) and BROCCOLI (6714) tokens ($ 546 thousand) were removed without payment. CZ also stated in a post on Twitter that the remaining tokens would be burned later.
There was a positive movement in the tokens after the transaction. Following the token burn, the price of the TUT token increased by 15% and the price of the BROCCOLI token increased by 17%. After the sudden price increase, prices quickly returned to their previous levels.
Will token burns continue?
For cryptocurrency projects, token burning is considered one of the important ways to ensure price stability and monitor information. In this process carried out by CZ, it attracted great interest from the community and attracted attention. Rapid withdrawals were seen in tokens that experienced rapid price increases.
However, the message that CZ gave in the coming days regarding the continuation of their relatives is important for those who want to benefit from this price currency. By following CZ closely, you can make a profit by following coins in CZ's budget like this and doing news trading.
