With crypto prices likely to rebound in the latter half of 2023, investors are looking for coins primed for sustained value growth.
Deflationary cryptocurrencies are viable options in this regard, given their built-in mechanisms to reduce the circulating supply over time.
With that in mind, this article discusses three top deflationary cryptos to buy now – all of which could be set for robust gains in the coming months.
1. Burn Kenny ($KENNY)
First on the list is the upcoming Burn Kenny ($KENNY) token, which sports a unique combination of humor, meme coin appeal, and deflationary mechanics.
Drawing inspiration from South Park’s beloved character, this Ethereum-based token employs a burning strategy that will destroy 30% of the total supply in the days following its launch.
This effectively reduces the circulating supply of $KENNY – which should boost the token’s value over time.
In conjunction with this burning mechanism, $KENNY’s branding taps into the appealing (and volatile) world of meme coins.
Its pop-culture appeal could be a significant demand driver, especially given the recent success of the creators’ previous project, Mr Hankey Coin ($HANKEY).
$HANKEY increased by 3x from its presale price once listed on Uniswap – and interested $KENNY investors will be hoping a similar (or better) scenario plays out with the new token.
Lastly, per Burn Kenny’s whitepaper, the developers have implemented a substantial liquidity pool lock-up of 40% of the total $KENNY supply for three months post-DEX launch.
This liquidity lock provides additional security for presale investors by minimizing the potential for a sudden price drop, further enhancing the token’s appeal.
With the $KENNY presale set to kick off at 6pm CET on July 20, anticipation is building rapidly among investors – suggesting that it could sell out like $HANKEY’s did.
2. XRP ($XRP)
Next up is XRP ($XRP) – a more established but equally exciting token.
As most investors will know, $XRP is the native token of the Ripple network and uses a unique burn mechanism to reduce the circulating supply over time.
This burn mechanism destroys a small amount of $XRP with each transaction – so the more transactions that occur, the more $XRP is burned.
$XRP’s burning mechanism was initially deployed to safeguard against spam transactions but now serves as an automatic deflationary feature.
Naturally, this feature drives scarcity and helps boost $XRP’s value over time.
The burn mechanism is just one factor that could foster price appreciation for $XRP – with the positive outcome of the Ripple vs. SEC battle being another.
As reported by Reuters, Ripple’s partial victory against the SEC now paves the way for $XRP to be traded more freely on exchanges and be adopted by more businesses.
Unsurprisingly, many believe this could boost long-term demand for $XRP.
Overall, with its unique burn mechanism reducing supply and the potential for mainstream adoption after Ripple’s legal victory, $XRP stands out as one of the best deflationary cryptos to consider investing in.
3. Shiba Inu ($SHIB)
Lastly, Shiba Inu ($SHIB) is another prominent deflationary meme coin that could be set for price appreciation in the latter half of 2023.
Thanks to its deflationary tokenomics, passionate community, and an array of upcoming features, like the Shibarium network, $SHIB has strong fundamentals that prime it for growth.
It’s Shiba Inu’s community-driven aspect that has led to various burn strategies initiated over the years.
These strategies include incorporating large burns into the ecosystem’s development and “burn parties,” where holders voluntarily send tokens to a dead wallet, thereby removing them from circulation.
This unconventional approach has added to $SHIB’s appeal, making the token one of the most popular within the meme coin space.
According to the Shibburn tracker, over 410 trillion $SHIB tokens have been burned to date – a huge figure, even in the context of Shiba Inu’s one quadrillion supply.
With millions of $SHIB being burned daily, the deflationary pressure on the token’s circulating supply is continuous – driving scarcity and promoting price appreciation.