The importance of the burn mechanism in cryptocurrencies is well-known. Although many projects have been mentioned in the past, recently, projects like SHIB and LUNC have gained attention. While other projects also conduct burns, they are not frequently mentioned due to their smaller size. A similar process occurred with FLOKI in recent months, triggering a significant price increase. Just a few minutes ago, a major announcement hit the market like a bombshell.
Is Lisk (LSK) Starting a Burn?
A recent announcement revealed that the total supply of LSK, listed on Binance and many other exchanges, could significantly decrease. This reduction could be achieved through burns. According to the announcement, a vote was presented to LSK DAO to burn 25% of LSK’s supply or transfer it to the DAO. While the outcome of the vote is unknown, the existing 400 million LSK could see a substantial reduction. Following this news, all eyes turned to the LSK price.
What is LSK’s Current Price?
LSK price surged immediately after the news. It jumped from its long-consolidated price region and settled above 1 dollar. As of the time of writing, LSK is trading at 1.049 dollars, following a 9% increase.
LSK’s market cap and trading volume also saw a noticeable increase during this period. The market cap rose above 151 million dollars after the news. The trading volume experienced a 120% increase due to intense investor pressure following the announcement.
After this increase, the trading volume exceeded 11 million dollars, which is relatively low for the cryptocurrency market. It ranks 573rd in Coinmarketcap’s trading volume ranking.
