XMEME, a fast-growing meme project based on the XRP Ledger (XRPL), has burned an extraordinary amount of its tokens in the last 48 hours.
Per an update from Crypto Assets Guy (CAG), a prominent influencer in the XRP community, the XMEME team burned four billion XMEME tokens on November 29.
The XMEME team consented to the accuracy of the information from Crypto Assets Guy by reposting it on their X account handle.
IT’S OFFICIAL. THE $XMEME BURN HAS BEEN COMPLETED 🟩🔥
A total of 4B coins have been burned. 10.45% of the total supply has been eradicated forever
• 3.55B coins that used to be allocated for the presale airdrops — burned
• 450M coins from my allocations — burned
HERE THE… pic.twitter.com/aCckwVb0nd
— Crypto Assets Guy (@cryptoassetsguy) November 29, 2023
According to the update, the four billion XMEME token burn was through a single transaction. Specifically, the project crew sent 4,000,000,000 XMEME coins from one address to another. The recipient address was designated ‘No name found,’ suggesting it is a dead, non-recoverable wallet.
Furthermore, CAG disclosed that the recent token burn amounts to the elimination of 10.45% of the total supply of XMEME.
The XRP community influencer further broke down the details of the burn. He noted that the 3.55 billion tokens were initially allocated for the presale airdrops of XMEME. Moreover, he claimed that the 450 million incinerated alongside was part of his personal allocation.
Besides, he took the opportunity to highlight the updated tokenomics (token economics) of the XRPL-based meme project.
CAG stated that the new total supply now stands at 34.3 billion after the four billion has been permanently lost.
Of this figure, 28.5 billion XMEME is in circulation, representing 84%. CAG himself holds 4.45 billion, translating to 13%. On the other hand, the project ambassadors control 3%, specifically 1.25 billion XMEME.
Per screenshots of XMEME’s price chart shared in the crypto community, the meme coin trades at 0.000025 against XRP.
XMEME NFT
Notably, the team behind XMEME has disclosed the coming of non-fungible tokens to its ecosystem. In an update endorsed by the team, MackAttack, an XRP community figure, stated that efforts are ongoing to see to the launch of XMEME NFTs.
MackAttack teased it as an “extraordinary XMEME NFT collection.” Furthermore, he revealed that 100% of sales from the NFT “will be reinvested back into the XMEME project.”
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