Solana meme token SNUKE surged 180% after the team announced a burn of 40% of the total supply. Find out the key factors behind this meteoric rise.
the snake The token, a meme currency that exists on the Solana blockchain, has garnered significant attention in the Solana community. Recently, Team SNUKE made a poignant announcement that they had burned 40% of the show’s total.
This strategic move resulted in the value of the token increasing by more than 180%. Below, we explore the key factors contributing to this meteoric rise, including token burning, liquidity lock-in, and contract auditing.
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Burn the token
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 burning is a common strategy in the cryptocurrency space to reduce supply, thus creating a deflationary effect. For SNUKE, this burn means fewer tokens in circulation, which could lead to increased demand and increased value.
The publicity burn has already begun to pay off, with the price of the token rising more than 180% since the news broke.
Liquidity is closed
In addition to burning the token, the snake The team has taken important steps to ensure the stability and reliability of the token. One of these steps is securing liquidity. By securing liquidity, the team assures investors that their funds are safe and that the token will have stable trading conditions.
This move helps prevent potential rug pulls and instills confidence in the investor community. With liquidity secured, investors can trade SNUKE while ensuring their investment is protected.
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The token contract has been reviewed
Security and transparency are crucial in the world of cryptocurrencies, and the SNUKE team understands this well. They have completed a comprehensive audit of the token contract to ensure that it is secure and free of vulnerabilities.
The audit process, conducted by a reputable Web3 auditor, provides an additional layer of confidence to investors.
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