Stellar, 55 Billion Coin Lit Price Flew!
The Stellar Development Foundation burned 55 Lumens worth $ 4.4 billion, according to a statement by the” Stellar Development Foundation.”
The Foundation said it had 105 billion XLM before burning and currently has 50 billion XLM available. The Foundation will use the remaining funds to develop, encourage, and support network partners on Stellar Blockchain.
In a statement, it was announced that there would be no spending on airdrops as before. The statement stated that airdrops are the least effective program for Stellar and 4 billion XLM will be used for this purpose. The explanation is as follows:
We also put an end to Stellar’s individual airdrops and Partner Giveaway programs, both created at the start of the network. 50 billion of the 68 billion Lumen’s in these programs were also burned. We believe that the number of Lumens we have now is more compatible with our mission.
Immediately after the announcement, the price of the XLM saw a rapid rise, rising from 0.07 USD to 0.088 USD, an increase of about 25 percent. The amount of 50 billion XLM currently in circulation is about 20 billion.
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