Burning schedule for HappyGoLucky
An increase in value can come from long term burns or an increase in number of holders. This announcement is about long term burns.
What exactly is token burning.
Burning tokens means permanently removing a number of tokens from circulation. This is typically done by transferring the tokens to a burn address. The burn address is a wallet address where nobody has access to the private keys. The address often looks like this “0x0000000…”
It is very easy to spot this holder in the block explorer based on this address format.
We simply burn our tokens to reduce the overall supply of HAGLY. In other words, it creates a deflationary event because HAGLY was created with a fixed supply. Our motivation is to increase the value of the remaining tokens since assets tend to rise in price whenever the circulating supply falls and they become scarcer.
The price of HAGLY will not necessarily increase overnight when the burn takes place. Sometimes, other news about the token can overwhelm the impact. Alternatively, investors may know a token burn is going to happen and “price it in” at an earlier point. Even so, in the long run, burning tokens tend to support an asset’s price and is considered a positive move.
Reducing taxes by 2%
As a consequence of the overall strategy we are now taking the first step by reducing the “buyback and burn” tax from 3% down to 1%. This will apply to both buy and sell transactions.
The new total taxes will now be 6%.
In addition, we are happy to announce a new manual burning schedule for HAGLY. This will be executed as three Burning Events and will in each time burn close to 3% of Total Supply.
We are using the overall Market Cap as a KPI for when the burns get triggered. At each step of the ladder we will demand a steady floor above the target for at least 24 hours before the burn signal is given. For these three steps we triple the Market Cap level for reaching the next level.
We will use tokens from the “Future Project” Wallet (20%) for the burn.
When we pass all three we will evaluate the next moves from there.
Looking forward to reach the first target and ignite the fire.