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Coin burning is done to increase the demand for crypto tokens, and Bitgert is the master of this game.
But what exactly is coin burning? What is Bitgert's coin-burning tactic? How does it benefit the token?
We'll discuss all of these today.
Simply put, coin burning is the process where crypto tokens are taken out of the supply chain and transferred to a dead wallet, a.k.a. burned.
Why is coin burning done? Well, the main reason for burning crypto coins is to increase their demand and value in the market.
All cryptocurrencies undergo the process of coin burning, which ultimately increases their value and demand in the supply chain, thus benefiting the users.
However, we are here to discuss how Bitgert's market performance was enhanced with coin burning.
Though the token was introduced in July 2021, it had some advanced features that made it quite popular in the crypto town.
One of them was its smart contract, where it was clearly stated that a 5% buyback tax would be imposed on every transaction and stored in the smart contract.
Once the transaction or sale has happened, a part of the tax will be used to buy a token from the coin's liquidity pool and burned immediately.
In simple terms, Bitgert promoted an automatic burn contract.
Due to this auto-burn contract, Bitgert never faced any losses, even in the bearish market!
Coming to its coin burn events, the blockchain conducted a mass coin burn on November 24, 2023, where 4 trillion BRISE tokens worth $650,0000 were burned.
Bitgert saw an immediate rise of 0.03% in the market, which further cleared its pathway into the bullish market.
On January 5, 2024, Bitgert burned 134 billion BRISE coins, after which it saw an immediate increase of 0.06% in price value.
Besides, Bitgert also announced that 12% of BRISE tokens from every transaction would be permanently locked under the smart contract, thus reducing the supply of the coins.
As per statistics, Bitgert has seen a rise of 79.08% in the last month, showcasing the aftereffects of the coin-burning event.
Currently, Bitgert is entering the bullish market, with the price percentile increasing by 12.20% in the past 24 hours and BRISE price being $0.0000002397 at the time of writing.
Thanks to Bitgert's auto-burn contract, BRISE coins never saw a downfall during the bearish period and still gave profit to their users.
Besides, with the 12% increase in Bitgert token tax, we can expect the coin to perform well in the crypto market.
To know more about Bitgert, Visit bitgert.com
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
