Was Stellar (XLM) Burning Half of the Supply a Right Action?

Was Stellar (XLM) Burning Half of the Supply a Right Action?

By Yasin | Kripto | 7 Nov 2019

The Stellar team took a big step a few days ago and burned 50 percent of the total XLM supply.

The fact that half of the XLM supply was burned received strong reactions from some crypto currency followers. These include LTC founder Charlie Lee and @WhalePanda. WhalePanda shared from his social media account that XLM is now closer to the securities class, and XLM is more likely to be removed from the exchanges.

Although Stellar’s experience has pleased some cryptocurrency followers, it continues to receive heavy criticism from some experts. Especially Charlie Lee, the founder of Litecoin, thinks that XLM has become much more central now because of Stellar's move. Stellar Development Foundation (SDF) had a total of 17 billion XLMs. In the burning phase, 5 billion of them were burned. According to Lee, SDF's share in the network is even greater than before.

When XLM's total supply was cut in half, the price of XLM rose by 20 percent and 25 percent. However, this table has changed a bit now.

Stellar began to lose value again after this rise. XLM has experienced a 6 percent drop in Coinmarketcap data over the past twenty-four hours, with an instant price of $ 0.07.


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