Key Highlights:
- Burned MX Tokens: In Q2 2024, a total of 2,232,000 MX tokens were burned.
- Burn Address: The transaction details can be verified on Etherscan here.
MEXC is thrilled to share the latest update regarding our ongoing commitment to enhancing the value and utility of the MX Token. In line with the community’s decision on the MX Token 2.0 Proposals, we have successfully completed the MX burn for Q2 2024.
Information on MEXC’s 2024 Q2 MX Burn
Total MX Burned in Q2 2024: 2,232,000 MX Tokens
Etherscan Address for MX burn: MX Token Burn Transaction
Total Amount of MX Destroyed: 575,738,166 MX Tokens
With this latest burn, the total amount of MX tokens permanently removed from circulation has reached 575,738,166 MX Tokens. Given the maximum supply of 1,000,000,000 MX tokens, 57.57% (575,738,166 MX) has already been destroyed. This substantial reduction underscores MEXC’s commitment to enhancing the token’s scarcity and market value.
Additionally, MEXC has successfully maintained a market circulation of less than 100,000,000 MX tokens. This careful management ensures that the remaining tokens retain their scarcity and value, benefiting all MX Token holders.
Current Locked Quantity: The current quantity of locked MX tokens stands at 326,562,500. These tokens are allocated as follows:
- MEXC Labs: 45.94% (150,000,000 MX) is reserved for MEXC Labs to support innovative studies and projects within the ecosystem.
- MEXC Partnership: 30.62% (100,000,000 MX) is designated for MEXC Partnership, fostering collaborations and strategic alliances.
- MEXC Team: 23.44% (76,562,500 MX) is locked for the MEXC Team, ensuring smooth operations and the provision of high-quality services across the platform.
The structured allocation of locked tokens is vital to the continuous growth and stability of the MEXC ecosystem. By strategically reserving tokens for innovation, partnerships, and team operations, MEXC aims to drive long-term success and sustainability.
Understanding MEXC’s Buy-Back and Burn Program
MEXC’s buy-back and burn program is a cornerstone of our strategic initiative. It aims to ensure the longevity and stability of the MX Token. This program demonstrates our unwavering commitment to supporting the MX Token’s value and utility by systematically reducing its circulating supply. By dedicating 40% of MEXC’s platform profit each quarter to repurchasing and burning MX tokens from the market, we actively work to decrease the overall token supply. Our primary objective with this initiative is to maintain the circulating supply of MX Token at 100 million, thereby enhancing its scarcity and value.
This reduction in supply is intended to create a positive feedback loop. As the number of available tokens decreases, each remaining token becomes more valuable. This scarcity effect can increase demand and support the token’s price, benefiting all MX Token holders. Additionally, the buy-back and burn program reflects our proactive approach to market dynamics, ensuring that the MX Token remains a robust and attractive asset within the cryptocurrency ecosystem.
Why Does Buy-Back And Burn Matters
The buy-back and burn strategy is a testament to MEXC’s dedication to its community and the long-term growth of the MX Token. By reducing the total supply, we aim to increase the token’s value, benefiting all MX Token holders. This initiative not only demonstrates our commitment to the project but also aligns with our goal of creating a robust and sustainable ecosystem for our users.
The Impact on MX Token
The MX Token’s recent buy-back and burn strategy has shown a significant positive impact on its market performance, as illustrated by the provided trading chart. The burn of 2,232,000 MX Tokens in Q2 2024, coupled with the commitment to maintain a circulating supply of less than 100 million MX tokens, underscores MEXC’s dedication to enhancing the token’s scarcity and value.
The trading chart reveals a robust upward trend following the announcement of the buy-back and burn program. The MX/USDT pair shows a steady rise in value, demonstrating increased investor confidence and market demand for the token.
Furthermore, the chart indicates a notable spike in trading volume, particularly around the time of the buy-back and burn activity. This surge in volume reflects heightened market interest and activity, suggesting that traders are keen to capitalize on the anticipated long-term value growth of MX.
Conclusion
MEXC’s proactive approach to managing the MX Token supply through strategic buy-back and burn initiatives is yielding significant positive results. The recent performance of the MX Token indicates a promising future with great potential for continued growth and value appreciation. Investors can look forward to a robust and rewarding journey with MX, supported by MEXC’s unwavering commitment to enhancing the token’s market position and long-term viability.
How to buy MX Token (MX)
- Visit and log in to the official MEXC website, hover the cursor over [Spot] at the top of the page, and select [Spot].
- Type “MX” into the search bar on the right, and find the MX/USDT trading pair.
- Below the K-line chart, enter the amount and the price at which you want to buy MX.
- Click on [Buy MX] to complete the purchase and wait for the order to be executed on the market.
You can find a detailed guide on how to buy MX tokens here.
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