Pan-African crypto exchange Mara reportedly lost approximately million out of the million raised from investors. Following the exchange’s collapse, founder and CEO Chinyere Nnadi is said to have launched a new entity called Jara. Nnadi reportedly argued that the exchange depleted its raised capital by paying high salaries to attract talent. CEO Avoids […]
Bitcoin News
Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery
Telegram-based Notcoin (NOT) recently carried out a token burn that paints a bullish outlook for the crypto token’s ecosystem. This comes amid a recent price recovery for the NOT token, with fundamentals suggesting that more price surges may be imminent.
Notcoin Burns 210 Million NOT Tokens
Notcoin revealed in an X (formerly Twitter) post that they had just burned 210 million NOT tokens ( million). They noted that the crypto token’s tokenomics is now “extremely community-oriented” thanks to this. They further revealed that 94.18% of Notcoins are held by 11.5 million people, including traders, miners, and stakers, among others. Meanwhile, 5.82% of Notcoin’s total supply is in the treasury, which will be used for development.
The token burn carried out by the team is undoubtedly bullish for Notcoin’s ecosystem, especially if the demand for the crypto token continues to increase. Moreover, the 210 million tokens burned represent a significant supply given that Notcoin boasts a circulating supply of just over 102 billion, according to data from CoinMarketCap.
Meanwhile, as highlighted by the team, NOT is now more community-driven based on how the crypto token is evenly distributed among community members. This could further boost investors’ confidence in Notcoin and its ecosystem since the team isn’t greatly armed with a large percentage of the token’s supply, which could cause the market to crash.
Meanwhile, Notcoin revealed that .2 million worth of Notcoin will be awarded as an incentive for Gold and Platinum users of Notcoin Explore. The ‘Explore’ initiative lets users earn NOT and other bonuses from projects by completing various tasks. Crypto projects can add Notcoins to the Explore pool and create a campaign involving users completing multiple tasks.
On the one hand, this is an excellent way for teams to promote their projects since NOT boasts an active player base of 40 million users. On the other hand, this initiative is another bullish fundamental for the crypto token’s ecosystem as it could help increase the demand for Notcoin and ultimately drive up its value.
NOT Also Bullish From A Technical Analysis Perspective
Several crypto analysts have also analysed Notcoin, presenting a bullish outlook for the crypto token. Crypto analyst Captain Faibik recently mentioned that Notcoin is on the verge of a “massive wedge upside breakout.” From the chart he shared, Notcoin could rise to as high as .03 when it successfully breaks out from its current price levels.
Crypto analyst Planfomo also shared a similar sentient. He stated he is getting more confirmation that the bullish falling wedge pattern on Notcoin’s chart could play out. His chart showed that Notcoin could eventually rise to as high as 0.038 when this breakout finally occurs. This will represent a new all-time high (ATH) for Notcoin, with its current ATH at .028.
Holograph Begins Process to Remove 1 Billion Illegally Minted Tokens, Burns 53 Million HLG
The recently hacked tokenization platform, Holograph, has unveiled a token-burning process to eliminate one billion illegally minted HLG tokens. The Holograph team stated that this process, which has resulted in the burning of more than 53 million tokens so far, is expected to reduce the total number of tokens in circulation to 10 billion. Holograph […]
Bitcoin News
Andrew Tate Burns Over $10 Million Received in Meme Coin TOPG
Known lifestyle influencer and former kickboxer Andrew Tate has burned TOPG tokens valued at over million after announcing it on social media. Tate received over 580 million TOPG tokens as a donation from an unnamed party, and announced that he would burn it so “everyone else makes money.” After burning the tokens, Tate celebrated […]
Bitcoin News
Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit
A new Solana-based memecoin launched today, becoming the talk of the town, and whales have noticed it. However, the reasons behind this might be different from what everybody expects.
Since its launch, Slerf (SLERF), the newest Solana-based project, has been trending for all the wrong reasons. The project successfully raised million during its presale and saw most of the token supply burned by accident.
Solana Memecoin Launch Sees Millions Gone
Just a few hours ago, the Slerf creator and the presale investors were full of excitement and expectation as the token’s launch approached. Everything appeared normal as the project’s X account announced it had successfully burned .8 million worth of SLERF.
For context, the project’s website states that the “slerfnomics” included a total supply yet to be determined, with 50% of the tokens to be sent into the Liquidity Pool (LP) and 50% for the presale participant’s airdrop. Additionally, the tokens in the LP would be burned at launch, and ownership would be revoked.
However, investors seemed confused about the amount burned and where the airdrop tokens would come from. Before realizing their mistake, the creator explained that the airdrop to the presale participants wasn’t done before the burn because “it was the safest way.”
The community quickly realized that something had gone wrong, as it seemed the project’s team had no tokens left for the airdrop. The creator realized the mistake shortly after and announced it on X while apologizing.
“Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop,” the post read. He further explained that the mistake was a “simple mindless misclick” while burning the LP.
It was further explained that after the first attempt to burn the tokens failed, the creator checked the Sol incinerator and couldn’t see the LP tokens. As a result, he decided to clean the wallet of the “shitcoins” sent there. This action accidentally burned the presale token’s supply alongside the other tokens.
The mistake proved irreversible as the minting authority had already been revoked. Neither the creator nor the developers could access the burned tokens or mint new ones for the presale participants.
From Sloths To Whales: Millions Made In 12 Minutes
Whales took the opportunity to profit big on this Solana-based memecoin drama, as reported by Lookonchain.
The blockchain research platform revealed that a whale wallet with over million worth of SOL spent 6,000 (3,024 SOL) to buy 1.7 million SLERF. This wallet had never bought any tokens, and its newly acquired SLERF accounted for .5 million in unrealized profits a couple of hours ago.
Unbelievable!
This guy made ~.02M in just 12 minutes by trading $SLERF!
He spent 9,894 $SOL(.98M) to buy 69.74M $SLERF immediately after opening trading.
Then sold it for 25,001 $SOL(M) within 12 minutes.
Making 15,107 $SOL(.02M) in just 12 minutes!… pic.twitter.com/KyKkefVdKj
— Lookonchain (@lookonchain) March 18, 2024
A different whale wallet spent 9,894 SOL (worth .98 million) to buy almost 70 million SLERF immediately after opening trading. In 12 minutes, the trader sold the memecoin for 25,001 SOL (worth around million) and made over million in profit.
However, these transactions raised the alarms of the presale investor and the community. Doubts of the “accidental burn of tokens” being much more than a mistake are high, as replies to the post suggest. Many users believe these movements to be from “insiders” and not “lucky people.”
– you aped 100 sol to $slerf presale
– its midnight and you have to step into the wage-cage monday morning so you go to bed
– you wake up & casually check on how the launch went
– you see its at 1 billion, and think to yourself.. holy shit i must be up 7 figs
– you figure out… pic.twitter.com/QhqrrSu4sG
— ponzisaur (@ponzisaur) March 18, 2024
The Slerf creator guaranteed it was an honest mistake during an X Space session. He also stated his principal concern was to make things right for those who saw their investment vanish.
Moreover, he committed to finding a way to refund the presale participants. As of this writing, Slerf is live on X Space, asking the community for suggestions on how to repay them.
The SLERF pumped to .24 after its launch, over 43.4% in an hour. The token’s price has decreased by over 52%, trading at .59 at writing time.
Terra Classic Community Burns A Staggering 700 Million LUNC And 230,000 USTC – Details
The Terra Classic Community recently had something to cheer about following revelations about the amount of LUNC and USTC token burns that were carried out in the past week. During that period, a significant amount of LUNC and USTC tokens are said to have been burned, something which could positively affect the crypto tokens’ prices.
The Number Of LUNC And USTC Burned
In an X (formerly Twitter) post, AlexCryptoBull, a member of the Terra community, brought to the community’s attention how 700 million LUNC and 230,000 were burned last week. Data from LUNCMetrics also confirms this development.
The Terra ecosystem has had to intensify its token burns ever since the Terra LUNA crash in a bid to revive the LUNC and USTC tokens. So far, 94.31 billion LUNC and 1.50 billion USTC tokens have been burned and wiped out from circulation since May 13, 2022, around when the LUNA crash occurred.
As part of this burn initiative, the community at one time had to vote on a proposal that, if passed, would have seen 800 million USTC tokens being burned. The proposal was, however, rejected due to legal concerns.
Meanwhile, the Terra community has also deployed other initiatives to help in the resurgence. Interestingly, the community recently voted against a proposal that seemed promising. This proposal involved the development team exploring the possibility of the Terra blockchain becoming an Ethereum Virtual Machine (EVM) compatible platform.
Terra, being EVM-compatible, offers numerous benefits to the network, including the possibility of LUNC and USTC surging in prices due to new money flowing into the ecosystem. However, some validators seemed to have had concerns about the funding that would have been needed to implement such a project and ultimately voted against the proposal.
Terra Community Faces Another Setback
The Terra community was recently dealt another blow following the news that Terraform Labs had filed for bankruptcy. Considering the crypto firm’s ties with the Terra ecosystem, the LUNC and UST tokens experienced notable declines following this development. This could also mark the beginning of torrid times ahead for the community in their efforts to revive both tokens.
Specifically, there could be potential LUNC and USTC selloffs from the crypto firm as part of the bankruptcy proceeding, something which will no doubt trigger a decline in their price. The Terra community has already had to deal with legal troubles, which Terraform Labs is currently facing, with the court ruling that LUNA and TerraUSD were unregistered securities.
At the time of writing, LUNC and USTC are trading at around .0001042 and .02536, respectively, both down over 5% in the last 24 hours, according to data from CoinMarketCap.
XRP Burn Hits Major Milestone, Can The Burns Propel Price To $1?
The total number of XRP tokens burned just recently hit a major milestone. This has raised questions as to how much impact these burns can have on the value of the XRP tokens in circulation. Interestingly, Ripple’s CTO David Schwartz recently made some comments in this regard as he weighed in on whether or not XRP burns could affect the token’s value.
12 Million XRP Now Wiped Out Of Circulation
Data from the XRP Scan shows that just over 12 million XRP tokens have now been burned and wiped out from circulation. This figure represents just 0.012% of XRP’s total available supply, which now stands at over 99.9 billion. Considering the magnitude of tokens still available, it is hard to imagine that the tokens burned so far can have so much impact on the token’s price.
It is also worth mentioning that the 12 million XRP burned so far is a cumulative total of all the tokens that have been wiped out from circulation since they were premined. As such, these tokens have been burned at separate times and not necessarily on a large scale. With this in mind, that could explain why the XRP community is calling for burns of Ripple’s XRP holdings.
Ripple currently has over 40 billion XRP in escrow. Burning a significant portion of these tokens could have more effect on the token’s price than the 12 million burned so far. However, Ripple’s CTO David Schwartz doesn’t believe that this would yield “any real benefits.” He also alluded to how Stellar burning 55 billion XLM tokens in 2019 didn’t have much impact on the token’s price.
Ripple’s XRP Holdings Might Not Be The Problem
Talks about Ripple burning or at least disposing of a significant portion of their XRP holdings continue to spring up in the XRP community. This is because of accusations that the crypto firm is responsible for XRP’s stagnant price based on the belief that they continue to dump their tokens on the market.
These allegations, however, seem unfounded, considering that it has been reported that Ripple’s XRP sales do not have an impact on the token’s price on crypto exchanges. If anything, the crypto firm somehow provides stability to the ecosystem as they are known to perform buybacks at different periods.
Ripple burning their escrowed tokens is also not an easy task, as Ripple’s CTO seemed to suggest in his latest remarks. It has been said in the past that Ripple will likely need the approval of validators to carry out these burns.
A former Ripple Director had previously mentioned that Ripple could simply disable the master key on the destination account that receives these escrowed funds. However, there are no assurances that this could achieve the same purpose as the tokens being wiped out from circulation.
Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means
Shibarium’s burning mechanism has been in the limelight of late, especially with the recent record of over 8 billion Shiba Inu tokens burnt in a single day. This burning mechanism seems to have undergone an update, which could further enhance its performance.
Shibarium Undergoes Swift Hard Fork
A screenshot containing a discord message from DaVinci (a member of the Shiba Inu development team) surfaced online recently. In the message, DaVinci mentioned that Shibarium would undergo a hard fork at Block 1962000. That suggests that the upgrade already took place as there are already over 2 million blocks on the layer-2 network at the time of writing.
Meanwhile, the main purpose of this hard fork is to enhance the network’s burning mechanism. This will enable support for multiple burn tokens, with BONE and SHIB (the governance tokens of Shibarium) being the main focus. DaVinci also mentioned to node providers that a Genesis update would be required since it was a hard fork.
Further Clarification On What The Hard Fork Entails For Shiba Inu
Shibarium had earlier provided clarification of what this new era of the network entails. A blog post published on the Shibarium site mentioned that Shibarium’s burning mechanism will initially be manually managed as part of this upgrade. This is to ensure alignment with the network’s health and sustainability. In this phase, the burn process will be managed by the official deployer.
Once that is done, Shibarium will apparently transition to an automated system starting in January. As part of this transition, Shibarium is expected to witness further upgrades in a bid to “enhance efficiency and reliability.” According to the network, the automated burn process “will operate based on predefined rules,” although it didn’t provide further details on this.
Node provider NOWNodes noted in a blog post that this upgrade will also facilitate mass adoption for Shibarium. That could explain why there is a need to enhance the burning mechanism as part of the upgrade. Considering that there is a correlation between the transaction volume and token burns, Shibarium needs to be well prepared to handle the number of tokens that need to be burnt following a potential increase in transaction count.
The layer-2 network is currently flying high as the total transaction count on it continues to skyrocket. According to data from the Shibarium Explorer, the total transactions on the network stand at over 58 million at the time of writing. Shibarium has surpassed the milestones of 5 million, 10 million, 20 million, and 35 million mark in just about a week.
Shiba Inu Set To Establish A New Era For Shibarium Burns
Popular blockchain project Shiba Inu has revealed a new era of token burns for its Ethereum-based layer 2 blockchain solution, Shibarium.
Shiba Inu Unveils Latest Burning Mechanism
On Monday, December 4, Shiba Inu announced a fresh set of burning techniques to increase the ecosystem token’s value. According to the announcement, the team described the new mechanism as a “transformative” move, crucial for the network’s economic model.
The purpose of this technique is to intentionally reduce the token supply in order to increase the value of SHIB and its ecosystem. The announcement read:
Shibarium is introducing a transformative token burning mechanism, crucial for the network’s economic model. This mechanism is designed to reduce token supply strategically, potentially increasing the token’s value and benefiting its ecosystem.
The burn mechanism has been divided into two distinct phases. These include the Manual phase and the Automated Transition phase.
The Manual phase will see the token burn managed by the official deployer wallet. This makes it possible to observe and adjust closely to ensure alignment with the network’s sustainability and health.
Several changes will be made during the Automated Transition phase to improve dependability and efficiency. According to the Shiba Inu team, the previous mechanism will transit into an automated system.
The burn process for this phase will function according to predetermined guidelines, making it more transparent and efficient. However, this automated aspect is expected to begin in January next year.
So far, the first-ever token burn performed by the Shiba Inu team saw about 8.2 billion SHIB tokens burned, valued at approximately ,000. The team will keep burning tokens manually using its deployer wallet to represent user engagement on Shibarium.
Shiba Inu’s latest Shibarium burn mechanism underscores a “major milestone” for the network’s development, according to the official blog post. Shibarium is establishing a standard in blockchain token economics by coordinating token burning with network utilization and constantly improving the procedure through updates.
Shibarium’s Transactions Increases Significantly
Lately, Shibarium has seen a surge in transactions and a sharp increase in gas fees by up to 1,000%. Due to this, the token burning has increased exponentially. This is because an increase in the network’s usage leads to more tokens getting burned.
Shibarium has grown purposefully to surpass its best since its introduction in early August. Several weeks ago, there were only a few thousand transactions each day, but today, there are on average 7 million.
According to data from Shibarium Explorer, that number is currently at 7.82 million. The total number of transactions has also increased lately, totaling 36,730,230 as of the time of writing.
Shiba Inu Team Member Reveals What Investors Should Do If They Want SHIB Burns
A prominent Shiba Inu team member “Lucie” has shared insights on the highly anticipated Shiba Inu token burn through Shibarium, Shiba Inu’s Layer 2 blockchain, and has revealed what investors should do if they want the Shiba Inu token burns.
Shiba Inu Team Member Tells Investors What To Do
The content marketing specialist for Shiba Inu took to X on Monday, September 18, 2023, to address the Shiba Inu token burn questions coming from the community saying that SHIB burns are set per transaction, not based on tweets about burns.
Lucie told the community that when will Shibarium initiate the SHIB burn is the wrong question and “The real question is, ‘when will you all migrate from exchanges and start using Shibarium?’”
When will Shibarium initiate the SHIB burn?”
Wrong question ☓The real question is, “When will you all migrate from exchanges and start using Shibarium?” (hello DEFI, remember bankrupted exchanges like FTX)
The burns are set per transaction, not based on tweets about burns.…
— 𝐋𝐔𝐂𝐈𝐄 |
Shibarium
(@LucieSHIB) September 18, 2023
Lucie further explained that the Shiba Inu token burns through Shibarium is a collective effort from both the community and the Devs since the burns are based on transaction activity and real engagement from within the platform. She told the community that expecting burns to happen solely through transactions without active community participation is unrealistic.
The marketing expert went on to highlight the security features of choosing Shibarium as an alternative to centralized crypto exchanges. She guaranteed SHIB holders that assets stored on the platform are just as safe as they would be on centralized crypto exchanges.
She also stated that centralized crypto exchanges can be fragile using the case of the bankrupted centralized crypto platform FTX to back up her claims.
So far, Lucie has urged the millions of SHIB holders to support this movement using Shibarium as an alternative to centralized crypto exchanges since each transaction on the platform contributes to the SHIB token burns.
She also added that transaction fees are pretty low on the platform, but might increase in the future along with the higher traffic, which would translate to a higher number of SHIB being burned.
Lucie also stretched her opinions to one of the most popular NFT marketplaces Opensea, inviting them to consider integrating Shibarium on the platform.
Shibarium is a layer 2 blockchain built on the Ethereum network. It is a decentralized finance (DeFi) platform that was designed to serve as an alternative to centralized crypto exchanges which aims to provide a more sustainable and scalable infrastructure for Shiba Inu transactions.
SHIB Price Predictions Following Shibarium’s Success
For years now, Shiba Inu has been one of the most notable cryptocurrencies in the crypto market. The famous meme coin is likely to experience an upward trajectory if Shibarium becomes a success since it could catalyze a larger adoption and popularity of the SHIB tokens.
SHIB token is expected to reach .00001038 from its current price of .0000073 by the end of 2023 with expectations of another crypto market rally. However, with the success of Shibarium and the new development on the platform, the SHIB token could grow up to .000050 by the end of 2023.
Nevertheless, if the SHIB token manages to maintain this trajectory, during the next bull market the token could beat its all-time high price of .00008845 achieved in the 2021 bull market.