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Gate.io's $63.88M GT Burn Boosts Token Price
Generated by AI AgentCoin World
Wednesday, Mar 5, 2025 11:22 pm ET1min read
On-Chain Analyst:
. Q4 2024 Suspected Burn of $63.88 Million GTAccording to on-chain data, Gate.io, a leading cryptocurrency exchange, is suspected of burning $63.88 million worth of its native token,
, in the fourth quarter of 2024. The burn was detected by an on-chain analyst who monitored the transfer of 2,904,885 GT from the exchange's hot wallet to an address that matches the receiving address in the third-quarter official burn record.If confirmed, this burn would increase the total GT burn amount to 177 million tokens, approximately $3.9 billion. Gate.io has not yet released the fourth-quarter burn announcement, so official information should be referred to for confirmation.
The news of the suspected burn caused GT's price to momentarily surpass $22.215 and is currently trading at $22.183.
Gate.io's GT token burn is part of the exchange's strategy to reduce the supply of its native token and increase its value. The exchange has been actively burning GT tokens since the third quarter of 2024, with a total burn amount of 113.12 million tokens, worth approximately $2.5 billion at the time of the burn.
The GT token burn has been positively received by the cryptocurrency community, with many investors and analysts praising the exchange's commitment to reducing the supply of its native token. The burn has also been seen as a positive signal for the exchange's long-term prospects, as it demonstrates the exchange's commitment to creating value for its token holders.
However, some analysts have raised concerns about the potential impact of the burn on the exchange's liquidity. While the burn reduces the supply of GT tokens, it also reduces the number of tokens available for trading, which could potentially impact the exchange's liquidity and trading volumes.
In conclusion, the suspected burn of $63.88 million worth of GT tokens by Gate.io in the fourth quarter of 2024 is a significant development in the cryptocurrency market. If confirmed, the burn would increase the total GT burn amount to 177 million tokens, approximately $3.9 billion. The burn is part of the exchange's strategy to reduce the supply
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