Stellar Jumps 20% as 50% of the Supply is Burned

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Stellar has seen a significant price increase from around 7 cent to a recent high of 9 cent before currently settling at around 8 cent. The jump was in response to a surprise announcement by the Stellar Development Foundation made on Monday. They said Stellar’s supply is to be reduced by 55 billion XLM which they have now burned. This reduction mainly came from 68 billion XLM that had been earmarked for giveaway programs administered by SDF. Some 50 billion has been taken off, leaving now just 6 billion for giveaway programs and 12 billion for partnership programs. Another 5 billion has been taken off the holdings of the Stellar Development Foundation (SDF) itself, leaving them with around 12 billion XLM from the previous 17 billion. As supply has decreased by 50%, you’d think price would increase by 50%, but that’s not quite what happened once this announcement was made…

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