Surprise Altcoin Surged Over 100 Percent Today Following News of a Token Burn

IOST (IOST) has become one of the most notable altcoins in the cryptocurrency market, gaining over 100% in value in the last 24 hours. This sharp price movement followed the announcement by the IOST Foundation that it has permanently removed 70 million IOST tokens from circulation.

The IOST Foundation announced that the burning of 70 million IOST tokens has been completed, permanently removing them from the total supply. The foundation stated that this process is part of its efforts to maintain a healthier supply structure while continuing to develop the IOST network and ecosystem.

Simultaneously with the price increase, large-scale IOST transfers on the Binance side also attracted attention. According to on-chain data, Binance transferred approximately $1.43 million worth of IOST from its cold wallet to its hot wallet and then began distributing the tokens to the exchange’s active liquidity addresses.

According to the data, Binance has transferred over 285 million IOST between its active hot wallets so far. The transfers were mostly carried out in batches of 60 million to 75 million IOST, with an average price of approximately $0.00154. The value of the transferred 285 million IOST is estimated at approximately $440,000, while the main hot wallet still holds around 715 million IOST.

*This is not investment advice.