Venice Token's VVV jumped 24% to a new all-time high above $25 on Tuesday, after the project burned $391,000 worth of tokens — its largest discretionary burn to date. The move is part of an ongoing effort to shrink supply and boost scarcity.
Record burn
The burn removed $391,000 in VVV from circulation. The project described it as a discretionary burn, meaning it wasn't tied to a scheduled event. It's the biggest such burn the project has executed so far.
Price reaction
VVV rose 24% to trade above $25, a record for the token. The gain came on the back of the burn announcement. The token's market cap also climbed, though exact figures weren't immediately available.
No schedule for next burn
The project hasn't said when the next burn might happen. For now, the focus is on whether VVV can hold above $25. The burn is a one-time event, but it signals the project's commitment to reducing supply.
