Kin token soars after proposal to burn 7 trillion KIN passes

• Kin community adopts proposal to burn 7 trillion of supply.
• The total supply of Kin is 10 trillion KIN tokens.
• The price of native token KIN jumps more than 20% as traders react to news.

Kin Foundation has announced that a proposal seeking to burn trillions of KIN tokens has passed. According to an update from the organisation, the community’s vote on the proposal to burn Kin Reserves will see over 7 trillion KIN tokens destroyed.

Update: The proposal to burn the Kin Reserves has passed after a token weighted vote by the Kin community.

You can read the official results of the vote and next steps here: https://t.co/0qVaJsYnKE

— Kin Ecosystem ⬢ (@Kin_Ecosystem) July 27, 2023

Kin’s path to decentralisation

About 4.96 trillion KIN held by the foundation and 2.1 trillion KIN planned for burning by Kik should be destroyed by end of day Friday, July 28. That would see roughly 71% of the total KIN supply burned.

“As a next step, the 4.96T Kin Reserves will be sent to a new Solana address and burned. After this the 2.10T Kin that Kik has agreed to burn will follow the same process. Once these burns are complete I will publish a new post that shows the on chain proof of these burns. I am hopeful this will happen by the end of day tomorrow,” the update read.

Ted Livingston, founder and CEO of Code, says the burn will make Kin a fully decentralised cryptocurrency. There will be no inflation, foundation or website.

“The vote to burn the Kin Reserves has passed, with the vast majority of votes in support. Kin is about to become one of the only fully decentralised cryptocurrencies out there, with no inflation, no foundation, and no website. More details to come once the burn is complete,” he noted.

According to data from CoinGecko, the cryptocurrency’s current circulating supply is 2,207,205,857,149. The maximum supply is 10 trillion.

KIN price surges

The price of KIN soared after the vote closed, with the token’s value having reached an intraday high of $0.000022. KIN was up 22% in the past 24 hours and more than 68% in the past week after its price jumped to highs near $0.000030 following the proposal.

KIN’s all-time high of $0.00122572 was reached on January 7, 2018.