Infiblue World, a Web3 GameFi platform, announced on Saturday that it has burned 80 million MONIE tokens as part of its token burning program, aiming to increase the value of the cryptocurrency and give users confidence in its gaming network. In an X post shared today, Infiblue World stated that it has so far burned 80 million MONIE tokens, accounting for less than 1% of the native token’s circulating supply.
In the ever-evolving crypto world, transparency has become an essential factor for users and investors. The digital asset platform, Infiblue World, has taken an important step to improve transparency through its token (MONIE) burning strategy. This method not only showcases Infiblue’s dedication to its customers but also has an effect on the value and scarcity of MONIE tokens in the market.
Infiblue World’s Token Burning Exercise
MONIE token, the native token of the Infiblue World platform, plays a significant role in the network’s operations and user benefits. Infiblue World is a blockchain-based gaming platform that allows game players to earn income through gameplay and social networking.
According to data reported today on the X social media, Infiblue World has implemented a significant token burning strategy for MONIE. The token burning program indicates that the Web3 platform allocated a large amount (undisclosed) of monthly trading fee income to repurchase MONIE tokens. The gradual repurchasing approach helps to burn tokens (removing them from circulation), and as a result, potentially increases the value of the asset.
Unlike several other crypto platforms that carry out quarterly burns, Infiblue World conducts monthly repurchases and monthly burns, a consistent approach that ensures steady decreases in MONIE supply, indicating its long-term commitment to the token’s deflationary model.
MONIE Price Analysis
By sharing such updates on social media, Infiblue World emphasizes transparency in its burning process. MONIE customers can access up-to-date information about the buyback and burn process on the platform’s channels, allowing them to track the token’s supply changes easily.
So far, the token burning program has not initiated a positive impact on MONIE price, but over time, increases in the value will be noticed. Today, MONIE trades at $0.006597, down 0.01% over the past 24 hours. Also, its price has been down 17.53% and 41.17% over the past week and month, respectively, showing its ongoing downtrend.
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