APECOIN ROASTING ON AN OPEN FIRE: The ApeCoin Team Burns 453,000 $Ape to Kick Off Token’s New Deflationary Era!

ApeCoin roasting on an open fire. Jack Frost nipping at your nose. Though it’s been said many times, many ways, $Ape burns tonight!

 

The crypto market is ice cold this December with Bitcoin dumping, and every coin, including $Ape, is following suit. But things were heating up around the Swamp on Thursday as the ApeCo team burned 453,000 $Ape, removing nearly 0.05% of the coin’s total supply from circulation forever!

 

“ApeCo just burned 453k APE, representing the total gas fees since Day 1 of ApeChain’s launch, matched by ApeCo,” the ApeCoin intern tweeted from the ApeChainHUB account. “This process will continue, with all ApeChain gas fees and ApeCo’s matching purchases regularly removed from circulation.”

Today’s $Ape burn marks the beginning of the token’s new deflationary era that ApeCoin and Yuga Labs say will make $Ape more aligned with token holders than ever before.

 

“Incentives should line up so ApeCoin wins if Otherside wins, and vice versa,” Yuga Labs CEO Garga said last week. “To start, from now on all gas spent on transactions on ApeChain will be burned. So that activity on Otherside permanently reduces the supply of APE. This will be small to start, of course, and not as flashy as staking. But it’s the start of a real economic loop, where value comes from what people build and use. This is just the foundation. There’s a lot more coming to make Otherside more robust, scalable, wild and fun. Along with ways to make sure the economic loop between Otherside and APE is stronger than ever. More to share on all that soon."

 

 

The Gazette will continue to follow all things $Ape as the token becomes deflationary. Stay tuned for updates!