More Than 2500 Ethereum (ETH) Worth $3M Has Been Burned, Gnox Token (GNOX) Burns Its Supply to Maximize Its Value Upon Launch
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Burning tokens is a key part of the crypto world, as an attempt to limit supply and solidify demand. After all, real currencies get lost or destroyed over time, so this principle needs to be replicated in the digital world. Burns are carried out by certain tokens from time to time and normally lead to an increase in price. While this isn’t always the case (ETH is still struggling somewhat), they’re still an important part of the crypto ecosystem.
ETH Coin Burn
According to analysts, ETH has burned over $5.8bn worth of coins in a little under a year. They’ve also cut down on the issuance of new coins. This could be why prices surged so high during the fall and winter, as these bruns started in around August, before ETH hit all-time highs in November.
While ETH has been struggling slightly in recent weeks, it’s still one of the mainstays of the crypto world. Demand will always be there, as it’s the ecosystem that thousands of applications are built on, and the second most popular coin in existence.
While this slight adjustment of price in recent weeks has been worrying for those involved in crypto, the long-term viability for Ethereum is still extremely positive. Analysts still think it could hit $10,000 per coin, but we might have to wait a while for the current bear market to sort itself out. Regardless, the underlying technology is incredible, and gains from crypto should be looked at in years rather than days.
Things could improve even more for Ethereum once ETH 2.0 is released. This will solve many of the issues that have limited Ethereum’s growth, like slow transaction fees and exorbitant gas fees. For ETH to really go mainstream, it needs to be fast and cheap to use. That’s why once ETH 2.0 comes out, prices could improve.
GNOX Token Burning Coins During Pre-sale
GNOX has recently been undergoing a hotly anticipated pre-sale. And its performance has outperformed expectations by a large margin. To help solidify its price, and perhaps indicate more gains are on the way, GNOX plans to burn a huge 2.5 billion coins over both pre-sale 1 and 2. After pre-sale 2, another burn is intended to take place.
These burns could indicate that now is the time to get involved in GNOX. It’s already backed by a hugely innovative ecosystem that gives its holders passive income streams with none of the headaches of managing DeFi investments. And it’s why GNOX’s outlook continues to improve.
While GNOX’s burn might not take it to the levels of ETH, we see these two crypto projects as the future of taking digital currencies into the mainstream.
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