Polygon burns 100 million POL tokens, but why is its price still struggling?
Polygon permanently burned 100 million POL tokens, and another 22 million POL was added to the next planned burn. The 100 million-token burn was described as about 1% of POL’s total supply, while the 22 million tokens were described as about 0.2% of total supply.
What this rests on
What it means
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Polygon holders and people watching POL saw a completed burn and a separate planned burn update on the same token. That means the supply figures discussed for POL changed in public, with one burn already completed and another amount identified for a future burn.
Before these updates, the token had not had this completed burn figure attached to it in the same way, and the next burn amount was also being identified separately. What stays the same is that the team had not fully disclosed how Polygon OMS will affect POL. (per tokenpost.com)
Market reaction
How the story was built
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Where this sits in the POL (ex-MATIC) series
| When | What happened | Figure |
|---|---|---|
| 18 days ago | POL a 0.1252 $ high | today it sits -25.2 % from there |
| 2 days ago | POL a 0.09123 $ low | today it sits +2.6 % from there |
From what we have stored, starting 22 days ago.