The Stellar Foundation, blockchain for Lumen tokens, announced the completion of a 50% token burn of their total supply. Designed to provide more efficiency in the Stellar ecosystem, the destruction of 55 Billion XLM tokens has been met with opposing views. On the positive side of things, the token gained 25% after the announcement, and bullish sentiment is shown through the weekly chart which indicates a full retrace since an all time high of $1.10. In retrospect, the current level has held fairly steady over the last couple of weeks as support trends upward.
Will The Stellar 55 Bn Token Burn Trigger a Bull Run?
Pragati Shrivastava is a cryptocurrency journalist and enthusiast with a keen interest in Blockchain Technology. She is a day trader, an avid reader and traveller. She loves technology and follows advancements in the field of AI and Machine learning closely.