The Stellar Development Foundation burned 55 billion of its XLM tokens, which equals to half of the cryptocurrency’s supply. Since the announcement, the price of XLM has gone up by more than 20%. Before this burn, there were 105 billion XLM coins in existence, with 20 billion in circulation. Now the total supply has been reduced to 50 billion XLM tokens. Earlier, the Foundation had announced to eliminate the 1% annual inflation.
CEO Denelle Dixon announced this decision during the Stellar Meridian conference on Monday. The Foundation now holds 30 billion XLM tokens to support the organization. The tokens are divided into three categories, 12 billion for SDF operations, 6 billion for giveaway programs, and 12 billion for partnership programs.
CEO Dixon said that as much as they wanted to use the XLM tokens that they had, but it was tough to get them into the market. Currently, the XLM is changing hands at $0.0786, with a 24-hour trading volume of $586,794,833