A burn announcement was made from the altcoin Degen (DEGEN), which is listed on Coinbase.
According to an official statement from account X, the DEGEN Foundation is exploring the phased destruction of 32.5% of the total DEGEN token supply to address dilution concerns and inflation fears, aiming for long-term sustainability rather than conducting large-scale airdrops in the future.
Stating that they are waiting for feedback from the community, the foundation said they are waiting for a choice between airdrop or burn.
“We're curious about your thoughts on a potential DEGEN burn.
The Foundation currently holds 32.5% of the supply. We could use this for future airdrops, but that would dilute the holdings of existing holders, which isn't a good idea for long-term holders.
One idea: staged combustion.
Burning tokens consistently monthly until we reach a sustainable accumulation that will last for years, rewarding long-term holders. We won't burn everything, but this will change the token economy and likely eliminate large airdrops in the future.
What do you think should be done: Burn it or distribute more to society?”
Following this post, there was a huge increase in the DEGEN price.
*This is not investment advice.
