Polygon Price Rises 12% After 100M Token Burn

Polygon's POL token has seen a significant increase in value since the network permanently removed 100 million tokens from circulation on September 23. According to the source, this burn reduced the total supply by about 1%, and the price of POL rose by nearly 12% to around $0.113.

The next challenge for Polygon is holding above the $0.11 price level and overcoming resistance near the $0.115 price area. If it can move above the $0.115 level, it could approach the $0.12 price level, but this may prove difficult as the price saw a sharp rejection in the $0.12-$0.125 region earlier in September.

The burn also introduces a process that allows the community to trigger future fee-funded burns, connecting the amount removed from circulation more closely to activity on the Polygon network.