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Stellar (XLM) Burns Half of Supply to Support Coin


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

Source: investing.com
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