Meme2Earn has announced a major token burn, reducing the circulating supply of its NUDES token by 69.42%, equivalent to a value of approximately US $1.5 million at the time of announcement. The burn will begin during the Meme2Earn New Year’s Fireplace event on Jan. 28, 2025, and will be completed over the subsequent 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. The first burn will account for 6.5 quadrillion NUDES, while the remaining 442 trillion will be burned incrementally over the following weeks.
Meme2Earn cites several benefits of this significant token reduction, including increased token scarcity, enhanced value proposition for holders, a stronger economic foundation, and improved market dynamics
The team has also noted that post-burn there will be limited reserves for team allocations, emphasizing that NUDES is primarily a community-driven memecoin.
Trading and community updates
In tandem with the burn, NUDES will soon gain support for decentralized limit orders through Flamingo Finance’s new OrderBook+ feature. This functionality will allow users to trade NUDES with no price impact, improving liquidity and market efficiency.
As part of the transition to OrderBook+, Meme2Earn will sunset the reverse NUDES pools on Flamingo, ceasing token rewards for staking activities.
Meme2Earn also noted it will pause 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 rebranded to TIPS in March 2023, citing marketing challenges caused by the original name. However, in Dec. 2024, Meme2Earn decided to revert back to NUDES following community feedback and the project’s commitment to its roots.
The original announcement can be found at the link below:
https://medium.com/meme2earn/nudes-to-burn-69-420-of-total-token-supply-over-1-5-million-usd-burned-de53102a05bf
