Bugscoin Burns $4M Worth of BGSC to Boost Token Value

In Brief:

Bugscoin destroyed 416 million BGSC (worth $4 million) on March 24.

Burn was funded by profits from its rebate policy.

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Bugscoin announced on X that it has officially burned 416 million BGSC tokens, valued at $4 million, as part of its latest deflationary initiative. The burn took place on March 24, and the funds used for repurchasing the tokens came directly from profits generated through the platform’s rebate policy.

Token burns like this are aimed at reducing circulating supply and potentially boosting BGSC’s value and scarcity. The move follows a growing trend among Web3 projects to implement supply-cutting mechanisms as a strategy to support long-term price growth.

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