Surprise Altcoin Announces It Has Burned a Significant Portion of Its Supply

Blockchain data provider Covalent (CXT) repurchased 900,000 CXT tokens in August, effectively removing them from ￰0￱ to the company, a total of 7.7 million CXT (0.77% of the total supply) have been repurchased over the past year. “These tokens have been bought back on-chain and will never return to the market after the planned ￰1￱ token is already fully unlocked, and this mechanism lays the foundation for a deflationary structure,” Covalent developers ￰2￱ News: JUST IN: New Details Emerge on the Anticipated $1 Billion Solana (SOL) Purchase The project's ecosystem support is ￰3￱ to their blog, integrations with over 150 blockchains, MiCA-compliant Revolut listings, and GoldRush API upgrades like HyperEVM support are among the factors supporting Covalent's revenue ￰4￱ company argued that daily buybacks will continue and that its “revenue cycle is accelerating” with ecosystem ￰5￱ is not listed on Binance and has a total market capitalization of $28 million.

However, the token is trading 82% lower than its all-time high price record set nine months ago. *This is not investment ￰6￱ Reading: Surprise Altcoin Announces It Has Burned a Significant Portion of Its Supply