Despite volatility, cryptocurrency is a hot investment option for lots of us. To deal with the issue, crypto project developers often use burning practices to reduce the supply and help their crypto stay bullish against inflation or dipping.
Token burning can also show investors that the team is serious about long-term success and is not only interested in short-term gains.
Burning practice is exactly what unites Uniglo (GLO), Tron (TRX), Shiba Inu (SHIB), and Dogecoin (DOGE). Let’s learn more about these hot representatives of the crypto world.
Uniglo (GLO)
New crypto gem Uniglo (GLO) joined the crypto sphere on July 15, 2022, with the presale phase. What’s so unique about it?
Unlike Tron (TRX), Shiba Inu (SHIB), And Dogecoin (DOGE), Uniglo adopts an ‘extreme’ double burn instrument to create scarcity, which in turn drives up the price.
Uniglo employs two kinds of burning techniques: buyback and burn and transaction burning (GLO).
The repurchase process is self-explanatory: the platform buys tokens from the secondary markets and locks them in an inaccessible address.
Speaking of burning on transactions, Uniglo uses a smart contract that automatically burns a percentage of transaction costs. The number of transactions on a platform significantly impacts how well this process works; the more transactions, the more tokens the platform burns, the higher the price, and vice versa.
All these give Uniglo the power to protect investors against inflation and volatility.
Tron (TRX) And Its Artificial Burn
Tron is a popular cryptocurrency attempting to inflate its value using an artificial burning approach. Justin Sun, the creator of Tron, revealed that the organization would be destroying one billion TRX tokens, equivalent to burning ten percent of the entire supply.
This action may significantly influence the price of TRX, particularly in light of the recent price drops that have been seen throughout the cryptocurrency market.
Shiba Inu (SHIB) – Will Token Burn Help Price Increase?
In the last few weeks, the price of Shiba Inu has seen a meteoric rise. The project’s burning mechanism is one factor contributing to the price increase. In April, the Shiba Inu team announced they would burn fifty percent of the overall SHIB supply.
This resulted in a significant decrease in the total quantity available, which increased the price. Since the burning, the cost of a Shiba Inu has been steadily rising, and one at the moment may be purchased for around $0.000024.
Dogecoin (DOGE) – One Of The First Cryptos To Burn Tokens
DOGE, a meme-based cryptocurrency, was one of the first adopters of token-burning practice. In April 2021, the Dogecoin Foundation announced to burn 1 billion DOGE tokens, which represented 10% of the entire amount of dogecoins at the time. This action sent shockwaves through the cryptocurrency world and spelled a period of exponential price rise for dogecoin.
The price went from roughly $0.05 at the beginning of April to an all-time high of $0.73 by the end of the month.
Bottom Line
These are just a few instances of how burning mechanisms are being utilized to artificially inflate the price of cryptocurrencies.
Periodical token burning is a popular method across the crypto market. However, Uniglo stands out from the list with its in-built, intense, and regular burnings that apply each sale and are designed to continuously reduce the supply and let the price reach new highs each time.
Learn More About Uniglo
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
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