Gentarium has revealed that they will be reducing block rewards by 66% by Tuesday, March 19. This move was taken to boost the value of the cryptocurrency. In addition to a cut in the block rewards, the project is taking steps towards reducing the current supply and max supply. According to CoinMarketCap, the current circulating supply of Gentarium is 3,116,771 GTM, with a max supply of 14,191,200 GTM (excluding pre-mine).

50% of the income entering the platform between April 1 to April 15 will be burned in a bid to reduce the max supply of the coin and increase the overall value. The remaining 50% will be used to reward loyal masternode holders who stuck with the project through thick and thin, particularly GTM masternode operators on the platform who came onboard before April 1 and will still maintain their nodes till April 15.

Talking about price actions, there is no arguing the fact that the price of cryptos reacts to news and announcements. Gentarium has taken this decision to reduce block rewards and reward masternodes in a good light. As at the time of reporting, the cryptocurrency was up by over 28%. A quick look at the 24-hour chart on CoinMarketCap reveals that the coin rose by almost 300% after the announcement.

24-hour Gentarium Price Chart. Source: CoinMarketCap