CONI Pumped 103 percent On Thursday, the token for the CoinBene exchange went up as high as 103 percent on Thursday. The growth rate catapulted its price to over $0.05 and the market cap to over $700,000.
The token also jumped to the 1811th position on CoinMarketCap sending its holders and the entire CONI community into wild jubilation.
CWS monitoring of the token’s community on Telegram was much interesting. Members were excited and expressed hopes of more of such growth rate in the coming days.
We dug deeper to find out the rationale behind the sudden and incredible growth rate of the Exchange Token. The answer was not far fetched.
In a chat with Global Branding Director of CoinBene, Lisa Li, she pointed to an announcement made by her outfit two days ago as the apparent influence.
Buy-Back Programme
On Wednesday, CoinBene announced it is buying back 40 percent of the total tokens issued. These tokens which are 400 million will be destroyed.
The announcement stated:
“In response to the recommendations of CoinBeners, and to promote the stability of CONI value, the platform decided to initiate token buy-back program. The number of CONI destroyed this time are 400 million. After the completion of the destruction, the scale of CONI is reduced to 600 million, accounting for only 60% of the original issuance.”
The Plan is to use 60% of the platform transaction fee which excludes API transaction for the CONI buy-back programme. Then when the buy-back is completed, the tokens will be carried to the black hole wallet address for burning.
The buy-back is scheduled to begin from Monday, March 25 at midnight to 24:00 GMT+8.
Community Reaction
According to Li, the announcement and the subsequent price rise generated a lot of discussions in the community from old and new members. “In terms of people’s responses, coni was widely discussed in the community after the announcement. Many users who didn’t know about coni were also asking about it,” she remarked.
However, the Global Branding directed did not respond to CWS queries concerning whether the growth rate can be maintained. We, therefore, concluded that her outfit might have a policy of not commenting on price projections.
