Crypto is in a tough spot over the last several years. Prices have been falling and many of the crypto’s that are out are worth fractions of what they used to be. Its getting so bad that people are literally sending crypto to burn wallets in the hopes that “burning” them will increase the value, at least that’s the hope.
Especially after the FTX meltdown. Where you had the founder and former CEO tweeting out “F*** regulators.”
If that wasn’t enough to inspire confidence you also had the new CEO of FTX, John J. Ray III who is the same man who led Enron through bankruptcy and is leading FTX through theirs, wrote about FTX that he has never “seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information.
So it begs the question can crypto recover? Shoot you have people just giving away crypto just to offload a bad investment or help relieve hurting children. For instance you could send
Shiba Inu coins which are worth only .000009 of 1 cent to an address like the one below
or DOGE to
and some people do that or if you want to increase the value by burning which is just like it sounds only on the digital platform you can send some to an address like this
Every time some of the crypto currency is taken out of the supply the value of the other remaining will go up “slightly.” Now will this help? Yes and no. In order for poverty to taken out you obviously would need to send millions of USDC or Millions of shiba inu for example. It is exactly the same for burning and the value to rise. For instance for Shiba Inu to make a huge leap in value everyone that owns Shiba Inu would need to send at least half of their supply to the burn address, but as I said this would take everyone that has shiba inu doing this and I am not sure we will see that. Now there is a large supply being burned about 10 million a day.
Even I fall into the category of not burning I would rather send to Shiba to help feed hurting kids then burn for my own selfish gain and therein lies the problem (or the wonderfulness of humanity at times) many people of the addresses above would pick the non-dead address to do something else, something great, and very few would just pick the dead address. Which means that while you can do some great with your crypto; I would not expect that the crypto market will recover any time soon.
I want to be clear I am NOT advising anyone to do this neither am I advising anyone to give to a charity or any of the addresses above to help others. That is your personal choice and this is merely opinion based on research and does not constitute financial advice in any way only a look at the markets and market trends. If you want to give or burn that should be a decision you make with careful consideration.