Solana meme coin SNUKE token skyrocketed 180% after the team announced burning 40% of the total supply. Discover the key factors behind this meteoric rise.
The SNUKE token, a meme coin on the Solana blockchain, has captured significant attention in the Solana community. Recently, the SNUKE team made an impactful announcement that they burned 40% of the total supply.
This strategic move has led to a surge in the token’s value by over 180%. Below, we explore the key factors contributing to this meteoric rise, including the token burn, liquidity lock, and contract audit.
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Token Burn
The SNUKE team’s decision to burn 40% of the total supply is a bold move aimed at increasing scarcity and driving up the token’s value. Token burns are a common strategy in the crypto space to reduce supply, thereby creating a deflationary effect. For SNUKE, this burn means fewer tokens in circulation, which can lead to higher demand and increased value.
The announcement of this burn has already started to pay off, with the token’s price surging by over 180% since the news broke.
Liquidity Locked
In addition to the token burn, the SNUKE team has taken significant steps to ensure the stability and trustworthiness of the token. One of these steps is locking the liquidity. By locking the liquidity, the team assures investors that their funds are secure 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 locked, investors can trade SNUKE with the assurance that their investments are protected.
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Token Contract Audited
Security and transparency are paramount in the crypto world, and the SNUKE team understands this well. They have completed a thorough audit of the token contract to ensure it is secure and free from vulnerabilities.
The audit, conducted by a reputable Web3 auditor, provides an additional layer of trust for investors.
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