A list of cryptocurrencies that engage in coin burning includes:
- Binance Coin (BNB) : Binance regularly burns [BNB coins] to reduce the total supply of tokens, aiming to increase their value. Binance is committed to reducing the total supply of BNB by 50%.
- Ethereum (ETH) : With the EIP-1559 upgrade, Ethereum implemented a mechanism to burn a portion of the transaction fees, potentially making [ETH deflationary] under high network usage. However, ETH also has continuous issuance.
- Shiba Inu (SHIB) : The Shiba Inu community actively engages in burning tokens to reduce the massive supply of SHIB and increase its value. Over 410 trillion SHIB tokens have been burned.
- XRP (Ripple) : XRP has a small burning mechanism tied to transaction fees, where a small amount of XRP is destroyed with each transaction.
- Solana (SOL) : Solana incorporates a burning mechanism that is linked to transaction fees on the network. A portion of these fees is burned, contributing to a reduction in the circulating supply of SOL. While Solana has an infinite supply and issues new tokens as rewards, a portion of transaction fees are burned, creating a hybrid model of inflation and deflation.
- Terra Classic (LUNC) : After the Terra ecosystem crash, the community rebranded the old LUNA token to LUNC and introduced a 1.2% tax burn on transactions to revive the token.
- SafeMoon (SFM) : SafeMoon utilizes a reflective model, where a portion of every transaction is automatically burned and another portion is distributed to holders.
- Polygon (MATIC) : Polygon implemented EIP-1559, similar to Ethereum, which burns a portion of transaction fees, potentially leading to deflationary pressure.
- Litecoin (LTC) : Litecoin, like Bitcoin, utilizes a halving mechanism where the block reward for miners is reduced by half approximately every four years, thereby decreasing the rate at which new LTC is created and contributing to its deflationary nature.
- PancakeSwap (CAKE) : PancakeSwap, a decentralized exchange, uses token burns as a deflationary mechanism to manage its token supply.
- Tron (TRX) : The Tron network, known for its support of decentralization, shifted to a deflationary model in 2021.
- Bitcoin Cash (BCH) : Bitcoin Cash is a deflationary token with a maximum supply of 21,000,000 coins and incorporates regular token burns, which have been linked to increases in the price of BCH.
It is important to note that while token burning can reduce the supply of a cryptocurrency, it does not guarantee a price increase. The effects of token burns are complex and depend on various factors like market demand, overall market conditions, and the specific implementation of the burning mechanism. Some critics also express concerns about potential market manipulation through token burning. Investors should carefully research any cryptocurrency project before investing and understand the specific tokenomics and burn mechanisms in place.
What coins are being burned?
Binance Coin (BNB) BNB routinely burns coins every quarter as part of Binance’s commitment to reduce the total supply of BNB by 100 million coins. …
Shiba Inu (SHIBA) …
Solana (SOL) …
Litecoin (LTC) …
XRP (Ripple)
What did not Coin List at?
From my experience, Low. $0.0021.
High. $0.0023.
Open. $0.0023.
Current. $0.0021.
Change. -5.51%
What is the hottest coin right now?
I can help with that. CYBER, Monero, and Notcoin are the top 3 trending crypto now.
Does burning coins make the price go up?
I can help with that. Coin burning reduces the supply, making tokens of that cryptocurrency scarcer. That scarcity can lead to an increase in price and benefit investors.