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Pundi X removes 19 Billion tokens, but the price of NPXS and NPXSXEM keeps dropping.
The team behind the two tokens, NPXS and NPXSXEM have just announced that they will remove 19 billion tokens as part of their ongoing burn mechanism. Out of the 19 billion it was “2 billion NPXS and 17 billion NPXSXEM tokens removed from their respective total supplies” (medium article).
You might think when Pundi X announced that they would remove 19 billion tokens it would have a positive effect on the price of both tokens. But for NPXSXEM the price has actually fallen with −8,25% in the last 24 hours. And for NPXS the price has largely stayed the same.
The token removal can’t lift Pundi X’ spirit
Now Pundi X doesn’t live in a vacuum. It like many other altcoins has struggled immensely in the past few years. Since the heights of 2017 the altcoin market hasn’t recovered well. Only a few exceptions like LINK and BNB have managed to stay positive or even increase in price in the past year.
But for the Pundi X team, it has been extra visible how much of a struggle their two tokens have gone through. NPXS has fallen from its heights of 197 satoshis to today’s 3 satoshis. And NPXSXEM has fallen from 60 satoshis to 2 satoshis.
That must be very hard for the team, but of course even as tough to bear for the token holders.
But is Pundi X a failed project?
The normal question you should ask yourself now, is this just a road to the end for the Pundi X team? And if you look into what the team have been working on for the past few years you would not immediately think that this is a team that’s failing.
Pundi X has continued to develop their XPOS machines (devices that enables quick crypto payments). And they are spread out across 25 markets and are continuing to expand. The team is still actively working on reaching their goal of “100,000 devices to the global retail market by 2021” (Press Release).
But their roll-out hasn’t gone as smoothly as planned. Where regulations, uncertainties and lack of being certified have stood in their way. The team seems to have acquired the latter part to help them reach their goal by 2021.
Further than that they have announce their own and one of the first blockchain phones, the BOB phone. BOB stands for Blok On Blok. The phone was previously called Xphone. But now with the new BOB name, they want to brand it further as one of the first blockchain phones, completely decentralised and open source.
And powering the BOB phone is the Pundi X’s new blockchain. Which goes under the name of Function X – f(X). This is a whole new blockchain that the team is building. As part of their long term goals of building a new decentralised ecosystem of devices, payment methods, and technologies.
The Function X blockchain will be the underlying support system in the Pundi X ecosystem. It will help to further the decentralised products like the BOB phone. But also support the XPOS devices around the world. Which will also act as nodes to keep the blockchain going.
So the Pundi X has not stopped working. But a problem the different tokens holders seem to have had with Pundi X is the change of directions. This is not something unique, and you see it all the time in the startup world.
But it still leaves the investors unsure about how strong the belief in the team is. And now with a new blockchain comes a new coin. Which forces the current NPXS and NPXSXEM token holders to ask themselves, which coin or token should I invest in?
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