What Happened: Cryptocurrency exchange Crypto.com’s native token CRO has rallied by over 70% in the past 24-hours, and its trading volume is up by 877%.
The cryptocurrency’s price skyrocketed after the company’s announcement confirmed a massive token burn ahead of its mainnet launch.
Crypto.com said it would destroy 70 billion of its CRO tokens, in what it describes as the largest token burn in the history of crypto markets.
Why It Matters: The cryptocurrency exchange stated that the token burn was an important step to fully “decentralize its network.”
“The purpose of these burns is to …