{"id":352809,"date":"2024-07-26T19:58:07","date_gmt":"2024-07-26T14:28:07","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=352809"},"modified":"2024-07-26T19:58:07","modified_gmt":"2024-07-26T14:28:07","slug":"lisk-price-surges-10-as-community-votes-on-100m-lsk-burn-proposal-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/lisk-price-surges-10-as-community-votes-on-100m-lsk-burn-proposal-crypto-news\/","title":{"rendered":"Lisk Price Surges 10% as Community Votes on 100M LSK Burn Proposal – Crypto News"},"content":{"rendered":"

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The cryptocurrency market returned to a bullish outlook in mid-week as Bitcoin rebounded from $63370 to $67225. The 6% upswing further accelerated the buying momentum in the altcoin market boasted from the recent launch of ETH ETF. Amid the recovery sentiment, the Ethereum L2 Lisk reclaimed $1 price support, bolstering further rallies as the Community can vote for the burning of 100M LSK tokens.<\/span><\/p>\n

Also Read: US PCE Inflation Comes In At 2.5%, What\u2019s Next For Crypto Market?<\/a>
<\/span><\/p>\n

<\/p>\n

Lisk Holders to Determine 25% Token Burn Outcome, Will Price Rally?<\/b><\/h2>\n

Lisk has announced a critical community vote to determine the fate of 100 million LSK tokens, representing 25% of the total capped supply of 400 million. The voting process will take place on the newly launched Lisk DAO<\/a> platform, starting on September 24 and concluding on October\u00a0<\/span><\/p>\n

The community has two options:\u00a0<\/span><\/p>\n

    \n
  1. Burning the 100 million LSK would reduce the total supply of LSK tokens by 25%, bringing the circulating supply down to 300 million. While this could trigger a sudden surge in LSK value due to supply scarcity, it would significantly reduce the DAO\u2019s funding power to support future projects and initiatives.<\/span><\/li>\n
  2. If the community votes against burning the tokens, the 100 million LSK will be allocated to the Lisk DAO Fund. As per their <\/span>blog <\/span>post, this fund would empower the community to drive various initiatives, support growth campaigns, and finance innovative projects within the Lisk ecosystem over the next decade.<\/span><\/li>\n<\/ol>\n

    Both scenarios could significantly uplift the LISK price but the latter could have a long-term impact on LSK\u2019s ecosystem and token value.<\/span><\/p>\n

    Moreover, Lisk Dao has <\/span>allocated <\/span>25M LSK<\/a> tokens to pay out staking rewards, adding a significant layer to the community\u2019s ongoing discussions about token distribution and utilization.<\/span><\/p>\n

    <\/p>\n

    Also Read: Semler Scientific To Acquire More Bitcoin (BTC) With Stock Sales<\/a>
    <\/span><\/p>\n

    Inverted Head and Shoulder Pattern Sparks Major Reversal<\/b><\/h2>\n
    \"BINANCE:LSKUSDT
    Lisk Price| Tradingview<\/figcaption><\/figure>\n

    The July market recovery bolstered the LISK price to bottom at $0.726 support. The potential reversal has uplifted the asset 37% to trade at $0.105, while the market cap jumped to $147 Million.<\/span><\/p>\n

    An analysis of the daily chart reveals this recovery as the formation of an inverted head and shoulder pattern. This chart pattern is commonly used in major market bottoms before a fresh rally.<\/span><\/p>\n

    The flattish trend in the <\/span>Bollinger Band <\/span><\/a>indicator highlights a shift from the prior downtrend to a potential accumulation.<\/span><\/p>\n

    <\/p>\n

    Early today, the LISK price jumped 10% to tease a breakout from the pattern\u2019s neckline resistance. A successful breach, with a daily candle closing, will intensify the bullish momentum and may push the asset to a potential target of $1.5 and $2<\/span><\/p>\n

    The declining trend ADX slope accentuates the prevailing bearish trend losing its momentum.<\/span><\/p>\n

    If the rising Lisk price fails neckline breaks at $1.1, the sellers would bolster another reversal and invalidate the bullish thesis. If it happens, the coin holders can expect a retest to multi-month support of $0.726.<\/span><\/p>\n

    <\/p>\n

    \n

    Frequently Asked Questions (FAQs)<\/h2>\n
    \n
    \n

    \n \tA DAO is an organization governed by smart contracts and community voting, rather than a central authority.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

    \n
    \n

    \n \tThe Bollinger Band Indicator is a technical analysis tool that uses moving averages and standard deviations to define the price range of an asset.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

    \n
    \n

    \n \tAmid the broader market recovery, a potential breakout from the inverted head and shoulders pattern could strengthen Lisk’s ability to maintain support at the $1 level.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n

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    Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n

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    The cryptocurrency market returned to a bullish outlook in mid-week as Bitcoin rebounded from $63370 to $67225. The 6% upswing further accelerated the buying momentum in the altcoin market boasted from the recent launch of ETH ETF. Amid the recovery sentiment, the Ethereum L2 Lisk reclaimed $1 price support, bolstering further rallies as the Community […]<\/p>\n","protected":false},"author":2,"featured_media":352816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-352809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/352809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=352809"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/352809\/revisions"}],"predecessor-version":[{"id":352818,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/352809\/revisions\/352818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/352816"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=352809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=352809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=352809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}