The price of the cryptocurrency KuCoin Token (CRYPTO: KCS) spiked today after the KCS Management Foundation, the governing entity of KuCoin and its community, said today that 20 million KCS coins will be permanently burned. This term refers to the action of permanently taking coins out of circulation.
News of this move by the KCS Management Foundation pushed KuCoin's price up by 7.8% over the past 24 hours.
The KCS Management Foundation released a white paper today, along with a press release, saying that it will build a payment system and expand the coin's ecosystem, with the eventual goals of building decentralized digital identities (DIDs), non-fungible token ownership rights, and the "construction of a metaverse network platform."
Source Fool.com