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28 May 2020

Stellar Undergoes Massive “Burn,” Price Surges

Stellar Undergoes Massive “Burn,” Price Surges

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Stellar, the world’s tenth-largest cryptocurrency by market cap, has seemingly jumped in price by more than 20 percent over the past day following an announcement by executives that the currency would undergo a massive “burn.”.

Overall, approximately 55 billion XLM tokens have been burned at press time, and the currency has added more than $200 million to its overall value.

We got a lot of positive response from the ecosystem because we are rightsizing what the foundation has and what the foundation holds.

At the time of writing, the Stellar Foundation still controls more than 30 billion XLM tokens, suggesting that it’s along the same lines as Ripple and probably not a decentralized coin.

It’s an acknowledgement that we owe it to the ecosystem, to the network, and to ourselves to be as efficient as possible in our work… The lumens now in public hands are there because we’ve worked hard to get them there over the last four years.

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