Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Stellar (XLM) Burns Half of Supply to Support Coin

Published 11/05/2019, 06:25 AM
Updated 11/05/2019, 07:41 AM
 Stellar (XLM) Burns Half of Supply to Support Coin

Stellar (XLM) now operates with half its usual supply, after the Stellar Development Foundation decided to burn 55 billion coins. The decision arrived after it became clear the XLM lying on the sidelines were not necessary for the market, or for adoption.

XLM, which is the open-source offshoot of the Ripple platform, also saw the price of its chief asset slide and stagnate. Right after the token burn decision, XLM shot up by more than 17% to $0.08. The burn, however, did not bring XLM closer to older peak values, and it is yet to be seen if the recovery will last.

With the token burn, XLM avoids the fate of Ripple’s XRP, where skepticism is fueled by the la...

This article appeared first on Cryptovest

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.