KuCoin Exchange Completes Coin Buy Back and Burn

 

KuCoin have announced they have completed their KCS coin buy back and burn for their 3rd fiscal quarter (April 2018 – June 2018) or Q2 2018. As their whitepaper states, 10% of profits from Q2 was used to buy back KCS from the market and a coin burn was completed totaling 396,211 KCS.




The current total KCS supply is 180,334,365 KCS with a circulating supply of 90,334,365 KCS.

The transaction for the token burn can be seen here.

https://etherscan.io/tx/0x54f8c63868faa3d6726c0afed218e79ddfdfb8aa32dc2410b0be59310e70e19d

As a coin burn would mean there is less coins in circulation, it does not always result in an immediate spike in price as we’ve seen previously with other coin burns in the past. It does seem KCS has experienced a slight increase in price immediately following the burn. On July 15th KCS fell to $2.66 at its lowest, quickly jumped to $2.77 and is now settling in at $2.75 as the burn was completed. The increase can also be attributed to BTC’s slight increase over the weekend. KCS is still down approximately 12.60%, a number that is not out of the norm as BTC’s price continues to try to recover.

Coinmarketcap.com



 

 

 

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