The existing supply of the crypto token SENSO has been reduced by the Sensorium Corporation, which is the native token of the Sensorium Galaxy’s digital metaverse. The company has burned over 4.2 billion SENSO tokens, amounting to about 70% of the total minted token supply of SENSO. Although the burning of tokens is a very usual practice in the crypto-asset industry, this one stands out in particular because the US dollar value of these tokens was worth over $10 billion.
Sensorium suspends public sale of SENSO token
SENSO was being traded at a rate of $2.3 per token on 30th April, 21. The price of SENSO has been constantly rising from the start of this year and is almost five times now what it was at the start of the year. This price hike was mainly due to the fact that the digital metaverse of the company, which is focused on entertainment, is nearing its official public launch, which is scheduled to be in the third quarter of this year.
The officials from the Sensorium Corporation clarified in a recent post that the burning of SENSO tokens took place because the company has now suspended the public sale of the SENSO token. The initial idea of the company back in 2019 was to host both public and private sales so the company generated almost 7.6 billion tokens at first.
Private sales of the SENSO tokens were, however, well enough to fund the development of the Sensorium Galaxy, that is why the company decided to suspend the public sale of the SENSO token, hence the token burning took place. The officials also said that this burning of tokens will eradicate the extra supply of SENSO tokens in the market, thus creating a healthy environment for the token to grow in.
Fresh use cases with the same SENSO
Sensorium Corporation has also announced new use cases for the crypto token. People have been asking about the practical nature and the viability of SENSO for a long time and the company has finally issued a Lightpaper specifying the major utilities of the SENSO token.