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Impact of crypto burn wallets

Discussion in Crypto Futures

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Impact of crypto burn wallets

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Amsterdam, The Netherlands
Experience: Intermediate
Platform: Ninjatrader
Broker: IB
Trading: EUR/USD
Posts: 20 since Oct 2011
Thanks Given: 17
Thanks Received: 23

Beside my futures trading I am investing in crypto's. I've had good discussions here in the past and was wondering how you guys think about the following crypto concept.

Recently my eye fell on the Evermoon token. It's charging a 5% tax on every transaction. Most of the money made from this is transferred to the burn wallet. This is a one way wallet. I am monitoring this burn wallet on Etherscan and I can see it growing on a daily basis. Since there is a maximum of 1 billion tokens in circulation the supply is decreasing day by day. One day most of tokens will be in the burn wallet. In general, scarcity will likely cause price to move up. I'm wondering how the end game will look like. Will no available coins always cause the price to move up? Or will it more likely be just highly volatile due to the scarcity? All thoughts are welcome!

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Last Updated on August 7, 2023

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