- IoTeX announced that it has burned 110 million of its native crypto IOTX.
- Upon hearing the news, crypto traders began to buy IOTX out of FOMO.
- Meanwhile, major cryptocurrencies like BTC and ETH are seeing mixed signals.
It appears crypto traders are looking for more trading options, as other non-mainstream options are seeing price pumps. This time, it’s IoTeX.
Recently, IoTeX announced that it has burned 110 million of its native crypto IOTX. Apparently, this is part of its burn-drop tokenomics phase 2. Also, the network dropped 12 million of the same crypto.
Burn-Drop Tokenomics Phase 2 is heating up!
— IoTeX (@iotex_io) January 9, 2021
Crypto traders were quick to pick up the news, as they instantly grabbed the opportunity to buy IOTX before it skyrockets even further.
Read Also: Huobi Burns $23M Worth of Huobi Tokens
As seen on the chart above, IOTX had a consolidation period despite the fact that the burning was ongoing. After the announcement, the price surged from $0.007 to $0.0085. The surge keeps on going, as many people are beginning to join the bandwagon out of FOMO.
At the time of writing, IOTX is trading at $0.0927, according to CoinGecko.
IoTeX describes itself as an ecosystem that introduces what it calls the Internet of Trusted Things. It has an algorithm wherein it will burn more IOTX whenever there are more devices that connect to its network.
Meanwhile, more mainstream cryptocurrencies are seeing mixed signals. For example, BTC is currently sitting at $39,500.66, while ETH is changing hands at $1,197.88.