Chiliz is looking to spice things up in the Champions League and it plans to do that through fan token burns.
Sure enough, Chiliz released a schedule for the quarter-final token burns. It also confirmed that 20,000 CITY fan tokens would be burnt to celebrate Manchester City’s quarter-final win. In total, 50,000 CITY tokens were burnt accounting for the burns for each goal.The main thing to note about the token burns is that they will ultimately decrease the circulating supply of tokens over time.
In other words, the best-performing teams will actively contribute to more value for their fan tokens since lowering the circulating supply through burns will contribute to more value. The token burns might lead to a substantial decrease in the circulating supply of the fan tokens of the best-performing teams over the long term. This kind of development will ultimately make such fan tokens more attractive.has been on an overall bullish trajectory since the end of March. However, that bullish momentum is now showing signs of exhaustion, while giving way to some selling pressure. CHZ’s $0.126 press time price already represents a 12% dip in the last five days.
Addresses holding between 100 million and 1 billion coins kicked off April with some selling pressure which eventually tapered out.Addresses in the 10 million to 100 million CHZ bracket have been buying. Similarly, addresses holding over 1 billion tokens have also been contributing to buying pressure.
However, addresses in the 10,000 to 100 million brackets have been trimming their balances, thus contributing to selling pressure.Subscribe to get it daily in your inbox.
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