Cronos Proposes 700 Billion Token Remint, Boosting CRO Price by 13%
1min read Crypto.com's native token, CRO, surged by 13% on March 3rd, influenced by a new token minting proposal. The strategic chain project cronos, affiliated with Crypto.com, proposed to remint 700 billion tokens that were burned in February 2021, restoring the total supply to 1 trillion tokens. The team stated that the proposed 700 billion tokens for minting will be locked for 10 years with a monthly linear unlocking schedule.
The proposed minting of new tokens has boosted the price of CRO, which is now trading at $0.093. This move by Cronos aims to serve as a strategic reserve for the project. The market has responded positively to the news, with CRO experiencing a significant price increase.
The crypto market has been volatile in recent times, with various projects and tokens experiencing price fluctuations. However, the news of the token minting proposal has provided a boost to CRO's price. As the crypto market continues to evolve, investors and enthusiasts will be watching closely to see how CRO and other tokens respond to future developments.
