Hype and excitement are gathering ahead of the imminent decentralized exchange launch for Burn Kenny (KENNY) a new South Park-themed meme coin with a huge token burn.
The project only launched on Thursday and then sold out its $500k hard cap in less than 48 hours as the KENNY FOMO swept across Web3.
The token will now be launched on Uniswap on Monday, July 24 at 6pm CET with massive buying volume expected.
Crypto’s best token burn?
KENNY hype is not just building because of the continuing meme coin frenzy and the recent success of another South Park-based token - Mr Hankey Coin, which saw a 3x price increase following its DEX listing earlier this month. But Burn Kenny has a rigorous burning mechanism that could see sustained FOMO and interest in the token and which will incentivize holding.
Many recently launched meme coins have life cycles lasting 24 hours or less. They follow a similar and familiar pattern of quickly pumping then seeing huge dumps and failing to ever recover from those losses. Burn Kenny is breaking that mold and will follow the likes of Shiba Inu, Luna Classic and Cronos which all rode token burns to mega gains.
KENNY has a max supply of 6,666,666,666 but 2 billion tokens - 30% of the supply - will be burned in the 72 hours following the launch. The burn will see 10% of the supply removed from circulation every 24 hours for three days. Assuming tokens hold at $0.0001875 - the price they were offered during the presale - that means more than $375,000 of KENNY will be taken out of circulation in the next 72 hours.
Now assume KENNY is able to do a 2x, 5x or more after launch and investors can quickly see the huge potential for gains the project has. Burns can have a huge impact on price as they increase scarcity and, therefore, make the price of each token more valuable.
Having a burn in play will also make traders and investors change strategy, with many holding until after the burn to sell, knowing that their tokens will increase in price. That could then have a knock-on effect of lots of holding while new purchases pour in. If more speculative investors then see surging price and green candles they too are likely to buy into the project, causing a domino effect of price increases and volume.
According to data from CryptoEye, the largest burn in the last 24 hours was Versaity which burned around $466,000 of tokens, with the next biggest OpenOcean with around $10k. If KENNY’s DEX launch goes as some are predicting the burn could outstrip both of these.
Token lock and experienced team
Burn Kenny has been developed by an anonymous team but they have long experience in the space - with deep connections to both alpha investors and institutional partners and a large track record of recent success. They are rumoed to be behind Mr Hankey Coin as well as Sponge (SPONGE), both of which have seen impressive returns for investors in the last couple of months. This especially applies to Sponge, which saw 100x gains.
Burn Kenny FOMO is spreading across Web3, with the Twitter page followed by high-profile crypto investors like @alqsy, who has almost 140,000 followers. Ads for the project have also been seen across high-traffic crypto websites such as CoinGecko and DEXScreener, showing the project to potentially millions of crypto investors.
The team has also made the step to lock 30% of the token supply as liquidity for three months, highlighting the project’s security and legitimacy and guarding against a possible rug pull. The large amount of liquidity will ensure volume is high and that all trades are completed.
Limited presale run built FOMO ahead of launch
Burn Kenny had an extremely limited presale run with 2,666,666,666 (40% of supply) available with a hard cap of just $500k. The project launched and sold out its presale in less than 48 hours and huge FOMO has now built up over the weekend with new investors wanting to buy in. That should see an explosion of volume at launch and over the coming few days and weeks.
As mentioned above, Burn Kenny (KENNY) will launch on Uniswap at 6pm CET on Monday, July 24. Traders will be able to buy tokens via the Burn Kenny website from this time.
For more information on the project. follow the Burn Kenny Twitter page.