Q2 BURN PLAN WENT SMOOTHLY WITH 7 BILLION ESHK HAVE BEEN BURNED!
The eShark Token team conducted their second burning plan on June 2, 2022, as written in their whitepaper. But before we discuss about the burned ESHK, do you know why token burning is necessary?
In the cryptocurrency world, token burn is a strategy to increase the value of remaining tokens. Token burn is accomplished by sending a certain amount of tokens to an unused crypto wallet, leaving those tokens forever out of circulation. The more the token burned, the more its price increased.
The eShark token team followed their whitepaper plan of burning ESHK tokens, with the second burn occuring on June 2, 2022. The community was eager to wait for the burn that happened at GMT +7 14.00. As the burn happened, the price of ESHK increased and the community’s excitement could be seen in the official eShark Telegram channel.
7% of the total supply was sent to an unused wallet, reducing the total ESHK supply by 7 Billion tokens. The transaction hash can be seen here:
This ESHK token burn was the second of a series of planned burns. There will be another burn in the future that will increase the price of ESHK tokens on the market. As such, those who wish to own ESHK while prices are still affordable should buy their tokens now on WhiteBit, Coinsbit, P2PB2B, and PancakeSwap. Staking your ESHK tokens on WhiteBit’s smart staking plan is another good way to ensure your profit.