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IOST IOST: The destruction of 70 million tokens helped double the price, and the dynamics on the chain attracted market attention.
IOST (IOST) increased by more than 100% in 24 hours, standing out in the cryptocurrency market. The price of this altcoin, which is listed on a large cryptocurrency exchange, doubled in a short period of time after the IOST Foundation completed the destruction of 70 million IOST tokens. This strong price increase coincides with important progress in the project's circulation supply.
Why were 70 million IOSTs destroyed?
When announcing the completion of the destruction operation, the IOST Foundation pointed out that it is part of its efforts to promote the development of networks and ecosystems. The foundation said it aims to maintain a healthier supply structure and uses this initiative to continue to promote the growth of the IOST ecosystem.
Token destruction means the permanent removal of a specific amount of assets from circulation. Therefore, dynamic changes in total supply are crucial to investors. Taking IOST as an example, the permanent cancellation of 70 million tokens constituted major positive news for the market supply structure during a period when price fluctuations attracted attention.
Why are Binance transfers so eye-catching?
As IOST prices continue to rise, activities on the Binance chain have also entered the public eye. Data shows that the cryptocurrency exchange transferred approximately $1.43 million worth of IOST from cold wallets to hot wallets. Binance then began distributing these assets to active liquid addresses. Since this operation occurred during a period of strong price increases, it attracted close attention from investors.
How much IOST does Binance hold in its wallet?
According to online data, Binance has completed more than 285 million IOST transfers between active hot wallets so far. These transactions are usually conducted in batches of 60 million to 75 million IOSTs.
In the above transfers, the average price was approximately US$0.00154. The total value of the more than 285 million IOSTs that have been transferred is estimated to be approximately US$440,000. In addition, it is pointed out that about 715 million IOSTs are still held in the main hot wallet of Binan-Security. Therefore, the price trend that emerged after the news of the destruction was released not only reflects changes in the supply side, but is also closely related to on-chain transfer activities within the exchange.
Can the IOST rally continue?
IOST adds more than 100% in 24 hours, doubling its price in a short period of time. However, in the face of such violent market fluctuations, it is not enough to focus solely on price increases. Only by combining token supply, exchange transfers and on-chain data can a healthier market analysis perspective.
In particular, the permanent destruction of 70 million IOSTs and the large transfers in Binan wallets have become two key development trends that investors should focus on following.
Disclaimer : This content does not constitute any investment advice. Markets have high-risk characteristics, so please conduct independent research before making investment decisions.
