XLM experiences massive surge with the supply chain cut by half – Steller Price News

The Stellar Development Foundation announced a token burn of more than 50% of its total supply in order to improve the efficiency of the development of the token. The price of XLM, since the announcement, has surged more than 20%. Earlier, the company announced to eliminate 1% annual inflation.

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.

Source: Tradingview
Source: Tradingview

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

Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

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