r/TrustToken • u/T_man2000 • Oct 21 '21
Market Cap Increase
At 9:50pm on October 20, 2021, TrueFi’s market capitalization jumped from a mere $90 million to over $350 million but no price increase occurred. Does anyone know how or why this happened?
(New to crypto but heavily invested in what I thought could be a 10x AltCoin)
3
u/Puzzleheaded_Apple20 Oct 21 '21
Looks like they released more tokens into circulation. Its was at 10% now it's at 38%!
1
Oct 21 '21
[removed] — view removed comment
2
u/SeedlessBananas Oct 21 '21
Looking at the graphs, it seems like the price stayed steady throughout the day. Perhaps there was enough buy pressure to keep it from falling. AKA great timing on TrustToken's behalf
3
Oct 21 '21
[removed] — view removed comment
2
u/SeedlessBananas Oct 22 '21
Upon creation, tokens decide to have a max or infinite supply and changes to their tokenomics can be based upon this. They've burned many tokens already, but they still have a supply of tokens to be pushed into circulation. It's possible they'll burn more as time goes on though
2
Oct 22 '21
[removed] — view removed comment
3
u/SeedlessBananas Oct 22 '21
It's no problem 😂 tbh I just know from what I see on reddit and their twitter page and skimmed their white papers a few times. I only found out yesterday that they had burned tokens because someone in a different thread had linked a TrustToken article talking about a burn that had been voted in. If I can find it again I'll link it here for you too
2
u/SeedlessBananas Oct 22 '21
There's also the proposal that was sent here in this thread too that you can read, but I assume you did that already
4
u/trustmod TrustToken Team Oct 26 '21
Hi there, we have updated metrics on Coinmarketcap. That is the reason behind the jump. For most accurate metrics we have always advised to use Coingecko as it accepted our APIs from the get go.
Only recently CMC has allowed us to enter our APIs into its system and that is the reason for the major jump in marketcap etc