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Stellar’s (XLM) Price Went Up By 25% In 24 Hours! An Effect Of Burning Half Of the Tokens?

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The Stellar Development Foundation has burned more than half of XLM tokens worth around $4.4 billion. Because of this, Stellar's price increased more than 25%, up to $0.082. Currently, the XLM price amounts to $0.081.

 

SDF destroys over half of the XLM tokens

On the 4th of November (Monday), the Stellar Development Foundation (SDF) announced that it "burned" 55 billion XLM, which is more than half of the existing 105 billion lumen before burning. There are only 50 billion XLM now. At the pre-burning rate, the tokens that were destroyed were worth about $4.4 billion.

After SDF has announced this information, the Stellar (XLM) rate peaked at 0.082 USD, which means an increase of over 25% in 24 hours. Although we could observe a downward trend for some time, the exchange rate is rising again .

SDF announced on its blog that it destroyed the lion's share of tokens that were reserved for gifts and affiliate programs. The organization added as well that it would not destroy more tokens, because the lumens' number in circulation is now in line with its mission.

Out of the 50 billion of the existing lumens, SDF currently has 30 billion at its disposal. The intention of SDF is to allocate 12 of them to direct network development, 2 to support the ecosystem, and 10 to support the cases of the use of tokens. According to the foundation, the gifts have proved to be "the least effective program for Stellar" and, as a consequence of this, it intends to spend only 6 billion lumens on them.

 

To buy or not to buy?

As market observers believe, nothing has changed, beccause the supply of tokens in circulation is the same as before the "burning" and it makes no sense to buy tokens now, especially since the price is increasing so fast.

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