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Pundi X Removes 9.7 Bln Tokens From Circulation

  • Alex Morris
    📰 News

    The price of the NPXS token has been stagnant for months but a major token burn could trigger a sizeable spike


Pundi X Removes 9.7 Bln Tokens From Circulation
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Contents

Pundi X has recently made an announcement about removing 9.7 billion NPXS/NPXSXEM tokens. This is major news for token holders given that is expected to propel the price of the token.

Pundi X Removes 9.7 Bln Tokens From Circulation

Billions of tokens being burned

Pundi X initially revealed that he would make an announcement regarding the token burn on Jan. 3 during his recent AMA that took place on Dec. 28.

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Pundi X will burn about 5.7 bln tokens, which equals about $2.8 mln at press time. Topped off with 4 bln NPXSXEM ($1.4 mln), the number of coins that are getting burned totals up to $9.7 bln.  

Zac Cheah, the CEO of Pundi X, claims that the past two months have been a bear market, and the significant portion of the token burn will come from their own company. For the sake of transparency, they’ve recently revealed the founder’s and the manager’s addresses.    

In its Medium blog post, the company also claimed that they had burned approximately 10.2 bln tokens in 2018.

The reception of the community

The Pundi X community (or Pundians) were seemingly excited about the token burn, going as far as calling it the best news they’ve heard these holidays.
 

However, there were also those who took the token burn with a grain of salt. According to Pundi X critics, this is just another way to scam them.

Currently, the project’s native token NPXS is sitting at 55th place on CMC. Pundi X made a lot of headlines last December after launching one of the first Blockchain smartphones but the project remained pretty much anemic ever since.

As mentioned above, the token burn could increase the price of those NPXS tokens that are already in circulation given that there would be more demand in the market.

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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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