FEG token has seen its price rise by 26% in the last 24 hours.

From its all-time-low four months ago, FEG has seen a dramatic increase of a staggering 95,505%. The FEG token, which stands for “Feed Every Gorilla”, aims to provide a decentralised network for operating transactions on the Ethereum blockchain.

FEG is a deflationary token that has a maximum circulating supply of 100 quadrillion. For every transaction made on the network, a 1% “tax” is paid by the sender which is distributed between holders while another 1% is burned.

The idea of this to encourage holders to hold for the long term, but makes it less useful for sending transactions of larger amounts between wallets due to this inbuilt mechanism.

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This post was originally published on Coinjournal.