KuCoin Flash reports that, as of publication, CLOUD is trading at $0.03208, up 17.75% over the past 24 hours. The price reached a high of $0.03705 and a low of $0.02704, while KuCoin trading volume totaled approximately $69,041.
Sanctum founder FP Lee submitted the CLOUD-008 proposal on the official research forum on September 2. The proposal seeks to burn the remaining 259 million CLOUD tokens in the Community Reserve, representing approximately 25% of the current total supply. If approved, total supply would decline from one billion to approximately 741 million tokens. The project also plans to change the ticker from CLOUD to SANC without altering the token address or holder balances.
The rally has clear event-driven support. The proposed supply reduction directly addresses market concerns that the unused Community Reserve represents a potential token overhang. However, the proposal remains under governance discussion and the burn has not yet been executed.