Artificial Intelligence Altcoin Soared: They Burned the Remaining 100 Million Dollars from the Airdrop! - Coin Bulletin

Venice permanently removed approximately 100 million dollars worth of unclaimed VVV tokens by burning them.

The blockchain-based artificial intelligence platform Venice has completed its community airdrop event. Approximately two-thirds of the 50 million VVV tokens created for the distribution of the platform, which is 32.6 million VVV, were not claimed by users and therefore burnt. This amount constitutes one-third of the Genesis supply. In the event that began in January, a total of 17.4 million VVV tokens were claimed by over 40,000 users. Following the token burn, the potential token supply in circulation has significantly decreased.

The founder of the platform Erik Voorhees emphasized that the tokens are not for governance purposes in his statement, stating, "VVV token enables the zero-cost use of Venice's censorship-resistant and private artificial intelligence API." In addition, token holders can earn annual returns by staking their tokens.

The token distribution of the platform was carried out transparently, without any presale or private investor agreements. A portion of 1% of the tokens initially allocated to the Venice team for sale was also criticized, taken back, and burned.

In the past weeks, due to the general decline in the cryptocurrency market, there was also a significant decline in the price of VVV. The reduction in the number of tokens in circulation after the token burn had a positive impact on the price of VVV in the short term.

According to CoinGecko data, the price of VVV, which has risen by around 7% in the last 24 hours, is currently trading at $3.53 at the time of writing.