KuCoin Completes Burning of 184,096 KCS Tokens

Posted by

Crypto News > KuCoin Completes Burning of 184,096 KCS Tokens

KuCoin Completes Burning KCS Tokens

In March, KuCoin exchange declared that it had burned 184,096 platform tokens (KCS), which were valued at approximately 1.6 million US dollars. As part of its operating policy, KuCoin burns 10% of its income, indicating that the exchange’s revenue for March was approximately 16 million US dollars.

The KCS team has revealed that they have burned 184,096 KCS tokens in March 2023, with an estimated burning amount of 1,609,687 USDT. This move is a part of KuCoin’s token burning strategy, which aims to decrease the token’s total supply and increase its value in the long run.

Burn Txid: 0x9505f12f0ebcc6843b63955dd85e751b440be90d4efcd39c817d10a80568a50e

With this recent burn, the current circulating supply of KCS has decreased to 96,974,735 KCS, while the total supply is now at 144,474,735 KCS. This reduction in the circulating supply is expected to drive the demand for the token, as the scarcity of the token will likely increase its value in the market.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Crypto Fear & Greed Index