ESHARK Q3 BURN EXECUTED SMOOTHLY! 7 BILLION ESHARK BURNED SUCCESSFULLY
On September 1st, 2022, eShark Token team carried out their third burning plan as stated in their Whitepaper. But before we discuss further about the burning of ESHK, do you know why is it necessary to burn a token?
People who are updated on cryptocurrencies are definitely familiar with the term coin burn. But for those who don’t, Coin burn is a way of permanently removing certain coins or tokens from the supply. The coins/tokens are sent to a wallet address that cannot be used for transactions other than receiving them. The wallet address is called a burner or eater, and the token can no longer be used.
The reason to burn the coin/tokens is to reduce the supply, making it more scarce. And because of scarcity, prices may rise, resulting in a profit for investors.
On this Q3 burn, ESHK burned 7 Billion of ESHK Token, which will be gone forever on the market, reducing the total of ESHK supply, with the current circulating supply is 78,692,609,297. The transaction hash can be seen here:
This third burn of the year happened on GMT +7 12.00. As the burn happened, the price obviously increased, and the community’s cheers could be seen on their official Telegram channel.
There will be more planned burns in the future that will increase the price of ESHK tokens on the market, and also with this burning, ESHK will also implement a multi-signature contract. When the burn is finished ESHK will improve its security as they will enhance the decentralized mechanism or smart-contract-based account.
Those who wish to own ESHK tokens should act quickly as prices are still quite affordable. The ESHK token is listed on WhiteBit, Coinsbit, P2PB2B, and Pancake Swap. Staking your ESHK tokens on WhiteBit’s smart staking plan is another good way to ensure profits on your investment.