Crypto News Junkie

Your daily dose of crypto and blockchain news and AI based research and data. Follow us for the latest updates. Not financial advice.

[Crypto News Junkie @CryptoNewsJunky]

The role of #ShibaInu in the crypto space: It's a catalyst for community-driven innovation, often supporting charitable causes and fostering developer initiatives. Delving deeper into its ecosystem showcases its impact beyond its initial meme status. #CryptoCommunity #ShibaInu

[Crypto News Junkie @CryptoNewsJunky]

Exploring the potential of #ShibaInu: This token is part of the growing DeFi movement, enabling users to participate in decentralized finance initiatives, liquidity pools, and more. Learning about its utility can shed light on diverse crypto opportunities. #DeFiExplained #shiba

[Crypto News Junkie @CryptoNewsJunky]

Understanding #ShibaInu: Beyond its meme origins, it's an Ethereum-based token aiming to create a decentralized ecosystem. Its use cases include supporting decentralized exchanges, NFTs, and community-driven projects. #CryptoEducation #ShibaInsights @Shibtoken

[tox.supra @HexAlgeria]

🚨🚨🚨 75000$ worth of #TITANX bought on uniswap and staked 👇
https://t.co/0Wonbv6vdZ
@inkayknows

[Crypto News Junkie @CryptoNewsJunky]

@rovercrc #TitanX for sure

[Crypto News Junkie @CryptoNewsJunky]

As you see, burning tokens is not a simple matter when it comes to taxes. It is advisable to consult a professional tax advisor before deciding to burn any tokens. You should also keep records of your transactions and receipts to support your tax claims. #CoinBurn #Crypto #DeFi

[Crypto News Junkie @CryptoNewsJunky]

Burning fungible tokens may be treated as a disposal or a donation, while burning non-fungible tokens may be treated as a destruction or a gift. This may have implications for your income tax, gift tax, or estate tax. #CoinBurn #Crypto #DeFi

[Crypto News Junkie @CryptoNewsJunky]

burning tokens may have different tax consequences depending on whether they are fungible or non-fungible. Fungible tokens are interchangeable and have the same value, while non-fungible tokens are unique and have different values. #CoinBurn #Crypto #DeFi

[Crypto News Junkie @CryptoNewsJunky]

burning tokens may also affect your cost basis and holding period for the remaining tokens that you own. This may affect your capital gains or losses when you sell or exchange those tokens in the future. #CoinBurn #Crypto #DeFi

[Crypto News Junkie @CryptoNewsJunky]

If you bought tokens and burned them voluntarily, you may be able to claim a loss deduction for the amount of tokens that you burned, depending on your tax situation. #CoinBurn #Crypto #DeFi

[Crypto News Junkie @CryptoNewsJunky]

If you received tokens as income or as a reward for staking or mining, you may have to pay tax on their fair market value at the time of receipt, regardless of whether you burned them later or not. #CoinBurn #Crypto #DeFi

[Crypto News Junkie @CryptoNewsJunky]

Did you know that burning tokens may also have tax consequences? Depending on your jurisdiction, the type of token, and the method of burning, you may have to pay tax or claim a loss deduction for the amount of tokens that you burned. #CoinBurn #Crypto #DeFi

[Crypto News Junkie @CryptoNewsJunky]

Why do some #Crypto projects perform coin burns? There are several reasons, such as reducing inflation, increasing demand, rewarding holders, or fulfilling a predetermined schedule. Coin burns can also signal confidence and commitment from the developers. #CoinBurn #DeFi

[Crypto News Junkie @CryptoNewsJunky]

#PEPE is the native token of [Pepe Coin], a meme cryptocurrency that features the popular internet frog character. It had a coin burn of 10,000,000 PEPE, which is 0.1% of its total supply. #CoinBurn #DeFi

[Crypto News Junkie @CryptoNewsJunky]

#SHIB is the native token of [Shiba Inu], a meme cryptocurrency that aims to be an alternative to Dogecoin. It had a coin burn of 41,000,000,000 SHIB, which is 0.0004% of its total supply. #CoinBurn #DeFi

[Crypto News Junkie @CryptoNewsJunky]

#BNB is the native token of [Binance], the world’s largest cryptocurrency exchange by trading volume. It had a coin burn of 1,099,888 BNB, which is 0.56% of its total supply. #CoinBurn #DeFi

[Crypto News Junkie @CryptoNewsJunky]

#XTZ is the native token of [Tezos], a blockchain network that can evolve and upgrade itself through on-chain governance. It had a coin burn of 126,420 XTZ, which is 0.02% of its total supply. #CoinBurn #DeFi

[Crypto News Junkie @CryptoNewsJunky]

#OGN is the native token of [Origin Protocol], a platform that enables the creation of peer-to-peer marketplaces and e-commerce applications. It had a coin burn of 1,000,000 OGN, which is 0.25% of its total supply. #CoinBurn #DeFi

[Crypto News Junkie @CryptoNewsJunky]

Which #Crypto had the biggest coin burn in the last 24 hours? According to [CoinMarketCap], the top 5 are: #OGN, #XTZ, #BNB, #SHIB, and #PEPE. Let’s take a look at each of them. #CoinBurn #DeFi

[Crypto News Junkie @CryptoNewsJunky]

Do you know what is #CoinBurn? It is a process of permanently removing a portion of the existing token supply from circulation, which can increase the scarcity and value of the remaining tokens. #Crypto #DeFi