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The Zignaly price continued its strong trend this week as the market reacted to the ongoing token burn and its decentralization efforts. The ZIG token traded at $0.1313 on Tuesday, its highest level since January 2022. It has risen by over 2,500% from its lowest point in 2023, pushing its market cap to over $132 million.

ZIG Token Burn and Decentralization

Zignaly is a platform that uses artificial intelligence (AI) to help individuals make money in the cryptocurrency industry. It achieves this by recommending top traders who have a solid track record of generating returns. Users can follow these traders and copy their trades. Zignaly serves over 430,000 customers globally, with the platform handling over $120 million in invested crypto.

The Zignaly token price has performed well this year, with many traders viewing it as one of the top AI tokens. Over the past 18 months, AI has become increasingly popular, as evidenced by companies like Nvidia. ZIG’s price continued to rise ahead of an upcoming vote that will change how the network operates, leading to more decentralization. The vote, set for July 5th, will establish the ZIGChain Foundation, donate 100 million ZIG tokens to the foundation, and award 125 million ZIG to holders.

Zignaly Token Burn Continues

The Zignaly token price also surged after the network continued its token burn efforts to reduce the circulating supply. Recently, developers implemented the 30th buyback and burn program worth $143,800, the largest to date, bringing the total ZIG burnt to over 31.6 million.

Approximately $144K in ZIG was bought back and burnt, marking the biggest burn to date.

A token burn involves placing coins in an unusable wallet address, effectively removing them from circulation. This process creates value for the cryptocurrency by making its tokens scarce.

ZIG’s rally has occurred in a high-volume environment. Over the past three days, the daily volume has exceeded $10 million, compared to less than $3 million previously. This surge also comes at a time when Bitcoin has remained above $60,000, with analysts expecting the trend to continue.

Further gains for Zignaly could see it retest its all-time high of $0.1400, 16% above its trading price on Tuesday.

For more updates and detailed analysis, stay tuned to Global Crypto News.

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