Burning removes some of the assets from circulation permanently, but burning does not guarantee a better price, as this depends on the number burnt, the remaining number in circulation, and if buyers are still willing to enter the market.
The amount of $VVV that was burnt was not stated in the announcement, and it chose the amount, as well as the timing for the burning, instead of following a schedule and fixed amounts.
Can $VVV crypto sustain its momentum?
$VVV saw a new high of $25.49 on September 8, reaching a high of around $25.67 during that session, but it later moved to just above $22.77, suggesting some short-term profit-taking. Although it appears buyers were keeping it above where it started out the week at around $18.42.
Recently, it has also moved back through the old highs formed around $20 to $21, and this area will face the first test.
If it is able to stay above $20.00, the trend will represent a fresh breakout, presenting an opportunity for buyers to maintain the level. If it is able to trade above $25.50, it would mark a new level for the asset.
But a drop back below the $20 handle could take the rally away again and shift the focus back toward the $18 price level.
Final Summary
- $VVV gained nearly 24% and reached a new record above $25.
- Venice said its latest $391,000 token burn was its largest to date.
