As per the founders of the token, MOM is a caring and loving DeFi token, aimed at convenience and rewards for the community. Starting with 100 quadrillion tokens, the founders have planned strategic reward systems, reflection distribution, and burning of coins for long term stability and benefit of holders.
But how can burning tokens be beneficial? For that, let’s go deep in the fundamentals of cryptocurrency and meme tokens.
When its decided to burn tokens, there are two options: It can be either purchasing the existing tokens from the market similar to buy-back in stock market, or it can choose to take existing currency out of circulation.
These tokens can be stored elsewhere such as in a Treasury or team wallet, or it could be unallocated.
To ‘burn’ these tokens, their signatures are sent to a black hole (or “eater”) address. This is an irretrievable public wallet that can be viewed by anyone and the coins’ status is broadcast to the blockchain.
For some tokens, burning is a one-off event while others, such as MOM it is strategically planned at regular intervals.
Now that we know so much about burns, let’s look at How is it beneficial for anyone?
To start with, token burning is a deflationary mechanism usually meant to affect the token price. Just as with the Bitcoin Halving, it comes down to the laws of supply and demand.
Burning tokens ,like the halving, is restricting the supply. If the demand stays the same or increases, the price will naturally go up. The act of burning effectively removes tokens from the available supply, increasing its relative scarcity.
Recently MOM Token has burnt its 0.49% at a very initial phase, which shows that developers are really passionate about making it scarce and have a good value.
With this, you can research more about the token and consider adding it to your portfolio.
Currently the Token is listed to buy on total 5 platforms including : Pancakeswap , Coinsbit, Probit, Bitforex and p2pb2b.
Initial supply of the token is 100 quadrillion, along with a liquidity of $86.89k. At the beginning stage, they have a telegram community of 15k+ meme loving individuals.
Come join the community to stay up to date with all the token activities. If you’re a crypto investor and this token is on your list, join the communities now!
▶️Website : https://momtoken.io/
▶️Twitter : https://twitter.com/momtokenglobal
▶️Facebook : https://facebook.com/momtokenglobal
▶️Instagram : https://instagram.com/momtokenglobal
▶️Telegram: https://t.me/momtokenglobal
▶️Audit by Techrate: https://github.com/TechRate/Smart-Con...
▶️Audit by Solid Proof : https://github.com/solidproof/smart-c...
🚨Smart Contract: 0x211fa9e7e390c29b0ab1a9248949a0ab716c4154
🚨 BSC Scan Link: https://bscscan.com/token/0x211fa9e7e...