The development team behind #Litentry (LIT), a low-market cap altcoin listed on #Binance exchange, has announced that its proposal for a token burn has been accepted by the community with a unanimous 23-0 vote. As a result, approximately 568,750 LIT tokens, worth around $710,000, are set to be burned.
#Token burns are a common practice in the cryptocurrency industry, where a portion of a token's total supply is permanently removed from circulation. This can help to increase the value of the remaining tokens by reducing the overall supply in circulation.
According to the announcement, the decision to conduct a token burn was made in order to further enhance the value of #LIT tokens and provide additional benefits to the Litentry community. The team also expressed their appreciation to the community members who participated in the vote and helped to shape the future of the project.
The successful vote and subsequent token burn demonstrate the active involvement of the Litentry community in the project's development and decision-making processes. It also underscores the importance of community-driven initiatives in the cryptocurrency industry.
I don't think the token has achieved the necessary price increase after the burning news. I don't know what will happen in the future, but what I have written is not investment advice. #Dyor
