Synereo (AMP) Coin Burn To Light Up The Market

Synereo is “stoking the fire” to burn 33% of the existing Synereo (AMP) coins that are currently circulating the crypto market. It is already known that Synereo platform serves the purpose of promoting Attention Economy, which was at the same time the first phase of the Synereo project, and with the upcoming coin burn, the dev team is planning on burning AMP reserves they won’t need and as a result the price of AMP should become more stable with the burn. How is Synereo doing at the moment and what will the upcoming burn bring to AMP?

Synereo and the Upcoming Burn

You can follow up with the counting down until the time the coin burn will occur on Synereo’s official website. In the time of this writing, there are only 2 days and 7 hours until the burn takes place. The first phase of Synereo Roadmap is completed with having Synereo dev team finishing the Attention Economy layer. The last milestone for the completion of the first phase on the roadmap was building a user base as well as acquiring partnerships and supporting other platforms. The dev team gave their best so the first phase of Synereo’s growth was successfully through with.

While we are waiting for the second phase that you can always check out on Synereo Roadmap, regarding Centralized CDN that should occur in the first quarter of the year of 2019, we can stay busy with the newest upcoming event: the coin burn that will occur in the last day of March 2018.

The dev team has stated that 33% of existing AMP coins will be burnt on this occasion and they added that the reason for conducting the burn is the fact that they don’t need any redundant reserves of AMP coins as they have managed to complete all the set milestones on the roadmap in the given deadline.

They further added that the team will be able to complete other objectives they have for the following phase number 2 without the extra coins.

So, as the burn is seriously approaching, we are eager to see what will happen to Synereo and AMP a bit before and after the coin burn will occur. The implications are that the holders and investors would want to take advantage of potentially holding more valuable coins in the terms of having Synereo dealing at the raised value after the burn. That is why the price of AMP will potentially rise probably 36-48 hours before the burn occurs.

A couple of days ago, Synereo was one of the rare coins trading in the green with around 10% of clean gains which is probably the result of people expecting to see Synereo surging after the coin burn.

The fact with the coin burn is that it always acts benevolently on a currency. This is the case because the currency is keeping its market capitalization and the overall value expressed in fiat value while it is losing a fair amount of existing coins that are circulating the market. That is how the coins that remain after the burn easily adapt to the given case, that way rising in the price.

The case of sudden rises in the price after a coin burn occurs is always short of breath, so it may easily occur that the price drops only a couple of days after the burn. This might easily be the case if holders were to decide that it is the time to collect the profit left from the burn. In that case, a great number of coins will be sold and the price would then consequently drop.

However, what coin burn can do for a coin is priceless in a way, as it can bring stability in the price and distance the coin from the plummeting market. So, having less AMP available will make this currency more valuable in the market.

The dev team behind this currency added that “whenever stabilizing at a higher price, we will again burn our reserves and no more”, which is a statement you can see on the AMP Coin Burn page available and visible on Synereo’s official website.

It is predicted that the investors might get more interested in this coin once they see how the dev team is ready to burn all the coins that they don’t need, that way removing the redundant coins from the market.

With going after a fewer amount of available coins, the dev team could easily acquire more stable price for AMP and the higher volume of trading in the long run.

How is Synereo doing at the Current Moment?

A couple of days ago Synereo was trading in the green with around 10% of gains in the market while it was slowly recovering from the market crash that went on for 8 weeks straight, ravaging the market.

After the latest change in the market which occurred in the last 24 hours, AMP fell for -15.47%, which is a pretty rough change in oppose to the positive change AMP had only a couple of days ago.

As the latest drop lowered the price, AMP can now be bought at 0.28$ and it is also trading down against ETH and BTC.

If anything, AMP can now be purchased at a fairly low price in oppose to what this coin has to offer. It is expected that the price will rise again probably from 36-48 hours from the coin burn and most definitely after the announced burn when AMP should also acquire more stable pace of growth with 33% fewer circulating coins.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Zechariah Judy via Flickr