Meme2Earn has announced a substantial token burn, valued at roughly $1.5 million, to reduce the circulating supply of its NUDES token by a significant 69.42%. Commencing during the Meme2Earn New Year's Fireplace event on Jan. 28, 2025, the burn will continue over the following weeks.
At launch, NUDES had a total supply of 10 quadrillion tokens. Meme2Earn will burn 6.942 quadrillion NUDES, leaving a new total supply of 3.058 quadrillion tokens. Of the total burn, the first batch will comprise 6.5 quadrillion NUDES, with the remaining 442 trillion to be burned incrementally over the following weeks.
According to Meme2Earn, this substantial token reduction will enhance token scarcity, increase value for holders, bolster the economic foundation and improve market dynamics.
Furthermore, the team has highlighted that post-burn there will be limited reserves for team allocations, emphasizing that NUDES is fundamentally a community-driven memecoin.
In related developments, NUDES will gain support for decentralized limit orders via Flamingo Finance's OrderBook+ feature. This capability will allow users to trade NUDES with minimal price impact, enhancing liquidity and market efficiency.
As part of the transition to OrderBook+, Meme2Earn will discontinue the reverse NUDES pools on Flamingo,停止 token rewards for staking activities.
Additionally, Meme2Earn will temporarily halt its ongoing Meme of the Day and Zealy contests in January to address server issues.
Originally launched in Jan. 2022, NUDES was the first memecoin on the Neo N3 blockchain. It was later rebranded to TIPS in March 2023, due to challenges in marketing the token with its original name. However, following community feedback and the project's commitment to its roots, Meme2Earn reverted back to NDES in Dec. 2024.
The full original announcement can be found at the following link: https://medium.com/meme2earn/nudes-to-burn-69-420-of-total-token-supply-over-1-5-million-usd-burned-de53102a05bf
