Find out why token burns are not best choice for ADA growth cardano
as the altcoin is considered a strong contender in the upcoming bullish market cycle. Despite being currently below its ATH seen in 2021, Cardano's strong fundamental and active development community indicate the potential for new highs.
Token burning is a widely used tactic in certain cryptocurrency projects, where a portion of the outstanding tokens are destroyed in order to potentially drive up the value of the remaining tokens, should demand for the coin remain constant or increase. However, Charles Hoskinson, the founder of Cardano, has been a vocal critic of this approach.
Furthermore, it is worth noting that Cardano is currently down 89% from its ATH. While token burning could potentially have a positive impact on the altcoin's price, particularly considering its current market performance, it is unlikely that it would be sufficient to return Cardano to its previous peak value of $3.10.
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