OptiToken has executed the first cycle of their buy and burn protocol, sweeping up a total of 91,167 OPTI tokens on the BTC-Alpha exchange. The action had an immediate and dramatic affect on the token price, increasing the value of OPTI on the exchange by approximately 400%.
The OptiToken buy and burn feature – as set out in their whitepaper – functions much like a buyback in the share market. Utilising a percentage of profits generated via their AI-calibrated trading algorithm, OptiToken purchases OPTI on exchanges and ‘burns’ them, taking those purchased tokens permanently out of circulation. Once the supply is permanently reduced, the relative value of all remaining tokens increases whilst trading volume is positively affected over the short to mid-term. The process, as executed by OptiToken, is expected to repeat in a ‘profit, buy, burn’ cycle, continuing to provide a substantial and stable floor for the OPTI token as it continues to be traded on exchanges.
This recently-executed buy and burn is the first by OptiToken, which has demonstrated unambiguously positive activity since it was first listed only 7 days ago. OPTI enjoyed a massive spike in volume immediately upon listing, displaying significant demand from those investors that were prevented from contributing to the ICO phase of OptiToken’s genesis and OptiToken’s market cap pumped to a valuation of almost half a billion dollars within 24 hours.
OptiToken is now focused on switching gears from ICO to ‘Phase 1’, which includes implementation of the OptiX UI (expected to be finished within the next 2 weeks). This will allow OptiToken to trade their portfolio 24/7, instead of part-time. Even though it has only been implemented on a part-time basis thus far, OptiToken’s trading algorithm was able to outperform BTC by an astounding 65%-85% over the 2018 bear market. With the gains that the OtiX UI could potentially generate, investors in OPTI have a lot more good news – and value – to look forward to.