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Polygon removed 100 million POL from circulation as its token climbed towards $0.115, leaving buyers with another resistance test.
When there is a burn, it permanently removes crypto from circulation. The idea is that if the available supply is reduced, the remaining tokens will become more scarce, but this is if demand is steady or increases.
The tokens that were burned were from network fees that had accumulated inside Polygon’s fee-collection system. The burn also introduces a process that allows the community to trigger future fee-funded burns. This connects the amount removed from circulation more closely to activity on the Polygon network.level.
As a result of not being able to remain above this level, this makes that area the nearest test for buyers.price level, it gives some encouragement. Its recent recovery has also put it above several price averages that previously held it back.price areas. But if it holds that range, that means that buyers are still supporting the recovery. The burn provides Polygon with a stronger supply-reduction story, but it does mean price will continue to increase further.
POL must still see enough demand to defend its recent progress. POL has increased by about 12% since the burn, but still needs to hold above the $0.11 price area and clear the $0.115 price level. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers.
We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.
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