This Small-Cap Altcoin Plans to Start Burning Tokens to Increase Scarcity

Voyager
Voyager

Token burns, much like stock buybacks in traditional markets, decrease the outstanding supply (shares), adding upward price pressure. That’s why savvy crypto investors should always be on the lookout for blockchain projects announcing token burning schedules.

One such project is Genesis Vision (GVT), a decentralized platform for the private trust management market, which recently announced plans to begin burning tokens in the second quarter of this year.


“The tokens will be burnt each quarter of the year or every three months, and we will announce and disclaim the number of tokens that are going to be burned and the resulting total supply of GVT,” the Genesis Vision team stated in a recent announcement. “The first GVT token burn will happen according to the results of Q2, at the end of June.”

A token burning schedule for Genesis Vision is particularly interesting since the altcoin only has a total supply of 4,436,644 GVT. Given that Genesis Vision is an ERC-20 token, the current max supply is fully released and even a small token burn should have a notable impact on price.

This would be welcomed news for current GVT investors, as the altcoin is down nearly 80% in the last year, falling from a high just under $40 to $3.48. The token now has a market cap of $15.4 million, making it the 154th largest cryptocurrency.

The Genesis Vision platform allows investors and money managers to monetize their coin selections to receive income from funds under management and managerial fees.¬†Managers can trade any market or asset of their choice, including forex and crypto. Notably, GVT’s main use is to invest in funds on the platform, meaning a number of investors have holdings directly tied to GVT’s performance.

More: An Update to the Commission Structure
Similar: Binance Burns $17 Million Worth of Binance Coin (BNB)

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

 
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