Polygon price rises 12% since 100M POL burn—can it hold above $0.11？
Polygons POL token has gained nearly 12%since the network permanently removed 100 million tokensfrom circulation on September 23. The price has climbed to around $0.113, but its next challenge is holding above the $0.11price level and overcoming resistance near the $0.115price area. Polygon permanently removes 100M POL Polygon Foundation CEO Sandeep Nailwal confirmed that the network had completed the burn, which removed about 1% of POLs total supply. The on-chain transaction shows that 100 million POL, worth around $10.22 millionat the time, was destroyed on September 23. When there is a burn, it permanently removes crypto from circulation. The idea is that if the available supply is reduced, the remaining tokens will become more scarce, but this is if demand is steady or increases. The tokens that were burned were from network fees that had accumulated inside Polygons fee-collection system. The burn also introduces a process that allows the community to trigger future fee-funded burns. This connects the amount removed from circulation more closely to activity on the Polygon network. POL approaches an important price barrier POL was trading near the $0.113price area at the time of this writing. It was up by about 11.6%from its level around the burn date. It briefly reached the $0.11497 price area during the
