Morpheus Labs to burn up to 45% of total supply,FOMO Mode ON?Check This Out!
About Morpheus Labs(MITX)
Morpheus Labs is a Singapore-based blockchain startup founded in the Year 2017 aims to build a comprehensive Blockchain Platform-as-a-Service (BPaaS) and App Marketplace that permits organisations quickly style, deploy and operate distributed ledgers at the fraction of the present with price and time.
About Token Burn:What is this,why necessary,and overview supply
- What is a Token Burn?
Token burn may be a method of causation associate degree quantity of tokens to a billfold address — commonly named because the “black hole” where the personal keys area unit inaccessible by anyone. This method makes the tokens unusable forever and can't be undone.Easier, this is like reducing the supply of these tokens.
- Why are Token Burns Necessary?
Token burns can keep the token price at a healthy level and significantly embrace the importance of scarceness because the offer of the tokens in circulation is designedly shrivelled.
Economic principles have tried that this can be a good methodology and a reinforcement for the individual project’s growth.
- Overview of the Supply of MITX Tokens and Token Burn:
Morpheus Labs will burn up to 45% of the total supply for the next 48 months with the first 50 million burned on March 29,2019
Before Burning:
Supply: 1,000,000,000 MITx
Contract: 0x4a527d8fc13c5203ab24ba0944f4cb14658d1db6
Decimals: 18
Official Site: https://morpheuslabs.io/
This team has just burned a token of fifty million MITX, with proof-of-burn shown in the link below:
https://etherscan.io/tx/0xf4525f9c91fad5253ff474f0d39875ec88c50a370b4b4668002d8d10d0270c17
Proof-of-Burn Information:
Morpheus Labs are conducting monthly token burns increasingly throughout the following forty eight months. The burn are capped at a most of forty five of the initial current offer (450M MITX out of 1B),leaving us with an estimated supply of 550M MITX tokens. The final current offer might vary because of a number of these tokens getting used for exchange listing fees or different similar expenses which may arise throughout that point.
Technical Analysis:
The position Daily Chart is Overbought, maybe the price will be corrected in the EMA line. It is also supported by the MACD and RSI indicators which indicate it's already Overbought. You can also compare technical analysis here:
https://www.tradingview.com/symbols/MITXBTC/technicals/
Disclaimer: This analysis is a personal analysis of the author, the goal is only for Sharing. The author DOES NOT USE you to do price action such as buying or selling. All forms of decision making Buying and selling is an individual risk!
Fundamentals Analysis:
Prices trend to go up. In the future, prices may be corrected in advance to continue bull prices. Good news day after day comes a lot and supports the increase in buying and selling volume, at MITx FOMO itself has occurred. What is FOMO? it is a Fear of missing out, A form of social anxiety - a compulsive concern that one might miss an opportunity or a potential event, often a socialized bytes seen on social media websites.
Fomo that happened at MITx was a Burning Supply a few days ago, then the community responded positively and gave a significant bull price. Very good Price Action started by the MITx team!
Disclaimer: This analysis is a personal analysis of the author, the goal is only for Sharing. The author DOES NOT USE you to do price action such as buying or selling. All forms of decision making Buying and selling is an individual risk!
For more Information
CrunchBase: https://www.crunchbase.com/organization/morpheus-labs
Linkedin: https://www.linkedin.com/company/morpheuslabs-io
Twitter: https://twitter.com/morpheuslabs_io
Telegram: https://t.me/morpheuslabs
Instagram: www.instagram.com/morpheuslabs.io
Facebook: www.facebook.com/morpheuslabs.io
Youtube: https://www.youtube.com/channel/UCBDcCbFiFDZOcfkGkAo-iLQ
Thank you for reading this article Steemit Forum friends!