Kin Foundation recently announced that a proposal to burn 7 trillion KIN tokens has passed. This vote, carried out by the Kin community, will see over 7 trillion KIN tokens destroyed. The current circulating supply is 2,207,205,857,149 and the maximum supply is 10 trillion.
4.96 trillion KIN held by the foundation and 2.1 trillion KIN planned for burning by Kik should be destroyed by the end of July 28th. This burn will make Kin a fully decentralised cryptocurrency, with no inflation, foundation or website.
After the news, the price of native token KIN jumped more than 20% as traders reacted to the news. The token’s value reached an intraday high of $0.000022 and is up 22% in the past 24 hours and more than 68% in the past week. KIN’s all-time high of $0.00122572 was reached on January 7, 2018.
The burning of KIN tokens is an important step towards greater decentralisation of the cryptocurrency, and will provide further insight into the future of KIN.