SYRUP Jumps 16% After Maple Reveals 2M Token Buyback

SYRUP surged as much as 16% on the 24-hour chart after Maple Finance, an on-chain asset manager overseeing more than $3 billion, announced it had allocated 25% of its November revenue to repurchasing 2 million of its native asset.

After Maple announced that it had bought back 2 million tokens, removing them from the circulating supply, SYRUP rallied to touch $0.28 with a market capitalization of over $318 million, according to CoinGecko. The asset as since retraced to just above $0.26 by press time. Though the token is up about 19% this year, its had a rough last month, dropping about 32% in 30 days.