IOST Token Price Soars Over 100% Following $1.43M Transfer and Mass Burn

IOST's price has skyrocketed over 100% in the last 24 hours, following an announcement by the IOST Foundation that it has burned 70 million tokens from circulation.

The token burn is part of the foundation's efforts to maintain a healthier supply structure and support continued development of the network and ecosystem.

Large-scale IOST transfers on Binance also caught attention, with approximately $1.43 million worth of IOST being transferred from its cold wallet to its hot wallet before being distributed to active liquidity addresses.