'Sleeping' cryptocurrency wakes up after token burn and soars

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sleeping-cryptocurrency

The cryptocurrency Raca (RACA), formerly known as Radio Caca, was one of the big sensations of the 2020-21 bull cycle, registering more than 20,000% appreciation and becoming one of the main projects on the BNB Chain.

In that bull market, the project grew driven by the success of a play-to-earn game called Metamon and then by the launch of its own metaverse, USM, as well as official NFT collections from Elon Musk's mother, May Musk.

However, since then, the altcoin has been relatively quiet. The cryptocurrency has seen little upward movement despite its developments in the Web3 community. However, this Thursday (19), the story changed and the token surprised the market by registering an appreciation of more than 10% in the last 24 hours.

The reason for this surge was a massive token burn announced by the team behind the altcoin. The measure in question significantly reduced the supply of the cryptocurrency in circulation. The token burn strategy is often used by cryptocurrency projects to increase the value of assets by reducing their supply, creating a deflationary effect.

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RACA 'reacts' and rises again strongly

The team announced the token burn on its official X (formerly Twitter) profile earlier this Thursday. According to the team, the decision is part of a larger strategy to add value to token holders and foster a more robust economy within the RACA ecosystem.

Although the team did not reveal the amount of tokens that will be burned, the announcement pleased the community. Users left more than 300 comments on the post, the vast majority of which were positive. Among other things, the comments highlighted that they had been waiting for the token burn for more than 2 years.

“Correct. We need heat, energy. Let’s burn. Let’s get back on track, it’s time for us to shine,” one user on X pointed out.

In response to the appreciation, RACA's trading volume rose by more than 300%, according to data from CoinGecko, and the cryptocurrency gained around 10 positions in the CMC ranking.

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