Avalanche’s popular DeFi protocol, JOE token, has made an important announcement. According to the announcement, the supply limit of JOE token, which is 500 million, has been reached and no new tokens will be minted. This development comes while an ongoing brand dispute continues, and with the fixed supply, an increase in token price is expected with the growing demand.
The Trader JOE team stated that this situation is a strategic turning point and signifies that the fixed supply prepares the platform for a more stable future. During the reduction of JOE emission rate to zero, an unexpected error occurred resulting in the accidental burning of a portion of the 10 million token treasury, but this did not affect operational capacity or financial health.
The Trader JOE team mentioned that they will continue to develop products and protocol growth with the existing tokens. If the promised developments with limited supply support are realized, it is expected that JOE Coin price will further increase.
Due to failure in closing daily candles above $0.43 in mid this month, the price rally ended prematurely. Despite dropping to $0.33 during BTC fluctuations, it is currently continuing to recover. If the $0.4 level is reclaimed, the rally can continue up to $0.43 and $0.48. For a long-term price increase, the $0.48 level needs to be considered as support.
On the other hand, if daily closes fall below $0.33, the price has the potential to drop to $0.265. Investors are warned to be aware of the high volatility and risk of cryptocurrencies and to conduct their own research before making any trades.