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KIN Token Surges Over 20% After Vote to Burn 70% of Supply Passes
The token climbed on news that about 7 trillion KIN tokens worth $156 million will be burned.
Updated Jul 27, 2023, 10:18 p.m. Published Jul 27, 2023, 10:06 p.m.
Cryptocurrency token KIN’s price jumped over 20%, outperforming the wider market, after a community proposal passed Friday to burn trillions of tokens, marking a new fully decentralized era for the project.
The token climbed to 0.000023 cents at press time, on the news that about 7 trillion KIN tokens - worth $156 million - will be burned, representing a 70% reduction in total supply, according to the proposal. The tokens that will be burned come from the project’s reserves and the outstanding balance held by messaging app Kik Interactive.
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KIN, originally created in 2017 by Kik Interactive to monetize the messaging app, has a market cap of nearly $50 million and is now the payment method for Code, a Solana crypto wallet.
The proposal to burn the tokens comes more than a week after Ted Livingston, former CEO of messaging app Kik, had introduced Code, which is built around KIN.
The burning is an attempt to “make KIN the only meaningful cryptocurrency on Solana that is fully decentralized, with no inflation, no foundation, and no website,” said Livingston in the proposal.
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