The Kin community has voted in favor of a proposal to burn 7 trillion KIN tokens, causing the price of the native token to surge by over 20%. The total supply of Kin is 10 trillion KIN tokens, and with the burning of 7 trillion tokens, approximately 71% of the total supply will be destroyed.
The Kin Foundation announced the passing of the proposal in a tweet, stating that the Kin Reserves will be burned as a step towards decentralization. The foundation plans to send 4.96 trillion KIN held by the foundation and 2.1 trillion KIN planned for burning by Kik to a new Solana address for burning. Ted Livingston, the founder and CEO of Code, believes that the burn will make Kin a fully decentralized cryptocurrency with no inflation, foundation, or website.
The price of the KIN token experienced a significant surge following the closure of the vote. The token’s value reached an intraday high of $0.000022, representing a 20% increase in the past 24 hours. In the past week, KIN’s price has soared by over 68% after reaching highs near $0.000030 following the proposal. It’s important to note that KIN’s all-time high was $0.00122572 on January 7, 2018.
Kin’s Path to Decentralization
With the burning of 7 trillion KIN tokens, Kin is taking a significant step towards decentralization. The total supply of KIN is currently 10 trillion tokens, and approximately 71% of the total supply will be destroyed through the burning process. This move aims to eliminate inflation and create a fully decentralized cryptocurrency. The burns will be completed by sending the respective KIN tokens to a new Solana address and providing on-chain proof of the burns.
KIN Price Surges
The approval of the proposal to burn 7 trillion KIN tokens has had a positive impact on the price of the KIN token. After the vote, the price surged by over 20%, reaching an intraday high of $0.000022. In the past 24 hours, KIN has seen a 22% increase, and in the past week, it has surged by over 68%.
What is the Kin token?
The Kin token is a cryptocurrency that operates on the Kin blockchain, which is designed for use in digital services such as social media platforms and online marketplaces.
What does it mean to burn tokens?
Burning tokens refers to the act of permanently removing them from circulation. In the case of Kin, the burning of 7 trillion tokens means that those tokens will be destroyed and cannot be used or traded.
Why is Kin burning tokens?
Kin is burning tokens as part of its decentralization efforts. By reducing the total supply of tokens, it aims to eliminate inflation and establish itself as a fully decentralized cryptocurrency.
How will Kin achieve decentralization?
Kin will achieve decentralization by burning a significant portion of its token supply and eliminating the presence of a foundation or website. This move aims to distribute ownership and control of the cryptocurrency among its community members.
What is the current price of Kin?
The current price of Kin is $0.000022 per token. Please note that cryptocurrency prices are highly volatile and can change quickly.