IOST surges over 100 percent following token burn

The cryptocurrency IOST experienced a significant price surge of over 100 percent in a 24-hour period following an announcement from the IOST Foundation. The foundation confirmed the completion of a token burn, which permanently removed 70 million IOST tokens from the total supply to maintain a healthier supply structure and support ecosystem development.

During this period of volatility, on-chain data indicated substantial movement on the Binance exchange. Binance transferred approximately $1.43 million worth of IOST from its cold wallet to its hot wallet, subsequently distributing tokens to active liquidity addresses. Reports show that over 285 million IOST has been moved between active hot wallets in batches, while the main hot wallet retains approximately 715 million IOST.