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To the joy of early adopters of the COV token, and to celebrate the launch of the token’s utility implementation within the Covesting copy trading module on PrimeXBT, the company surprised the community with a previously unannounced token burn.
Token burns reduce the supply of cryptocurrencies, making them even more scarce, and increasing long-term value per coin. But at the same time, less coins to go around, means that prices could increase quicker even if demand doesn’t.
Here’s why the COV utility token implementation is so significant to the trading community, and why token burns like this will improve the token’s long-term value proposition for holders.
How The COV Utility Token Will Become Central To Covesting Copy Trading
Although PrimeXBT and Covesting aren’t newcomers to the crypto space, the full Covesting module experience was only just introduced to the trading community globally earlier in the year, after an extended beta phase to polish and prepare the revolutionary product.
Since then, the peer-to-peer copy trading module that connects followers with strategy managers who demonstrate their positive trading performance via a transparent leaderboard has surged in popularity and the community has grown as competition between traders from around the world heats up.
Some of the best strategy managers found on the fully transparent leaderboards boast profits of as much as 10,000%, bringing their followers enormous returns.
Covesting’s plan all along, however, was to launch the copy trading module, then later amplify the platform’s full potential through implementing the COV utility token into the platform to unlock a world of benefits. That day is finally here, and was well worth the wait.
COV Token Utility: The Profit Boosting Benefits You Need To Know About
Just yesterday, the company revealed that COV token utility implementation was complete and now live for all of the platform’s users to take advantage of. The COV utility token integration marks the completion of phase two of the Covesting launch.
COV token implementation unlocks added profit-boosting benefits such as followers bypassing normal entry fees (1%), or improving the profit share split between the platform and the user in favor of the user. Strategy managers can benefit too, by buying COV tokens to unlock up to a 75% discount on trading fees.
However, another incredible important benefit of holding the COV token, is the regularly scheduled token burns that reduce the overall supply, thus increasing its long-term value potential per coin. Covesting says its plan is to burn up to 50% of all fees collected through the copy-trading module.
Regularly scheduled token burns were planned all along for the COV token and makes the Covesting copy trading module proposition even more appealing and attractive for both traders and holders. But because of how anticipated the launch of COV token implementation is, Covesting revealed a major surprise to the community at the last minute to commemorate the milestone being reached.
Covesting shocked the community with a surprise token burn, burning 186,127 COV tokens, which is roughly the equivalent of $124,946 USD.
COV tokens are available at Kucoin and Uniswap currently, but for simplicity sake, PrimeXBT is allowing users to activate the utility directly with BTC from within the Covesting copy trading module under the COV token utility section.
If you haven’t already checked out Covesting yet for yourself, check it out today to discover a brand new way to trade, and learn why the COV utility token may be the next coin sooner or later to appear in the top ten assets by market cap.