The cryptocurrency gets a change of $10.48h. GUSD 27.6 million has just been burnt by Gemini at “Black Hole.”
GUSD: Gemini now receives a time change of $10.48. The question is, could this Gemini fire be good for the particular cryptocurrency?
First of all the rest, it is essential to know more about the said cryptocurrency. Gemini is officially a private cryptocurrency exchange that would allow users to buy, sell, trade, and even securely store Bitcoin, Ether, and around 40 other cryptocurrencies, according to Investopedia. Gemini was launched in 2015 by Tyler and Cameron Winklevoss.
About Gemini
Gemini offers a tiered service with separate interfaces and a pricing structure for casual investors and avid traders. Gemini has a mobile app, a payment app, and even its own GUSD currency.
The Gemini dollar would be a “stable currency” that would be linked to the US dollar. Stable coins would be designed to mimic the dollar, but as seen on CoinGecko, one GUSD equals $0.9979 USD. Currently, the market limit would be $190,505,437, and its current trading volume is $7,920,647.
While not one in one, the value of GUSD’s all-time high was $3.30, and the all-time low was $0.782610. Gemini was known to be the world’s first regulated stablecoin. However, this would combine the solvency and price stability of the USD with blockchain technology as well as oversight from US regulators.
$27.6M Worth of GUSD Burned From Gemini to 'Black Hole' | Cryptocurrency Gets -10.48% 24h Change – https://t.co/Rg6wdhuMLb pic.twitter.com/l1KT4JIkMZ
— CryptoBuzz (@CryptoBuzz_Blog) October 14, 2021
As confirmed on EtherScan.io, the transaction came from Gemini’s official black hole address with an address of 0x00000000000000000000000000000000000000000000. There was a total of US $27,963,424 billion burned, leaving Gemini’s official address with US $169,668,165.14 remaining.
Know how many GUSD burned?
At the moment, the coin is ranked #302 on CoinGecko. There is currently a total supply of 191,070,073 GUSD coins with an unknown maximum supply. For those studying Cardano’s price predictions, it’s crucial to understand Cardano’s top 10 upcoming blockchain and Dapp projects. The big question at the moment is why Gemini burned the GUSD tokens.
According to the FinancialExpress article, the burning of coins is essentially the act of creating a supply crisis that would create an artificial push up for the aforementioned token price. The NFT market just passed the $10 billion mark in secondary sales, with Ethereum Layer 2 catching up with $6 billion in NFT secondary sales.
The consumption of coins throughout the cryptocurrency world is exactly the same, although this is practically the actual burning of the cryptocurrency. Each cryptocurrency network defines a protocol for performing the official engraving, but that would be tantamount to associating the coins in circulation with particular untraceable keys that would not allow anyone to claim them.
Even the combustion of the room itself is recorded in the combustion registers as truly infallible.