Stellar (XLM) one of the leading cryptocurrrency has destroyed 55 billion XLM tokens.
Previously the Total Supply of the XLM was 105 Billion tokens. In which 20 billion where in circulation and 85 Billion tokens were managed by the stellar foundation itself.
Now that they have burned 55 Billion tokens from the 85 Billion tokens they had, now the Stellar Foundation is left with only 30 Billion tokens.
Dixon said ," To derive a plan from an arbitrary number serves no purpose ".
This news has made the price of Stellar to soar up , due to the shrinkage in supply.
XLM token has increased by 14% in price as of now leading it to the $0.08 mark and the price is continuously increasing.
This is actually a good move from the foundation as 105 billion is a lot and that decreases the value of the token.
The reason that was given by the foundation for burning the tokens was that they were not able to giveaway the tokens to the users despite conducting many airdrops and promotions.
This is acting as a fuel for the price of XLM.
Let's see how much % it increases in price.
But don't fall into the FOMO
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