Memecoins
Solana Meme Coin, SNUKE Token, Surged Over 180% Following the Team’s Announcement to Burn 40% of the Total Supply
Solana’s meme coin, the SNUKE token, skyrocketed by 180% after the team announced to burn 40% of the total supply. Discover the key factors behind this meteoric rise.
THE SNAKE token, a meme coin on the Solana blockchain, has captured significant attention in the Solana community. Recently, the SNUKE team made a high-impact announcement claiming that they had burned 40% of their total supply.
This strategic move led to an increase in the value of the token by more than 180%. Below, we explore the key factors contributing to this meteoric rise, including token burn, liquidity freeze, and contract audit.
Burning of tokens
THE SNAKE The team’s decision to burn 40% of the total supply is a bold move aimed at increasing scarcity and increasing the value of the token. Token burns are a common strategy in the cryptocurrency industry to reduce supply, thus creating a deflationary effect. For SNUKE, this burn means fewer tokens in circulation, which can lead to greater demand and an increase in value.
The announcement of this burn has already started to bear fruit, with the price of the token increasing by over 180% since the news broke.
Liquidity blocked
In addition to token burn, the SNAKE The team has taken significant measures to ensure the stability and reliability of the token. One of these steps is to lock in liquidity. By locking in liquidity, the team assures investors that their funds are safe and that the token will have stable trading conditions.
This move helps prevent potential recalls and instills confidence in the investment community. With liquidity locked in, investors can trade on SNUKE with the confidence that their investments are protected.
Controlled token contract
Security and transparency are key in the world of cryptocurrencies and the SNUKE team understands this well. They have completed a thorough audit of the token contract to ensure that it is secure and free of vulnerabilities.
The audit, conducted by a trusted Web3 auditor, provides an additional level of confidence for investors.
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