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Klaytn Price Rally To $1 Imminent After KLAY Tokenomics Optimization Proposal

Klaytn price prediction
Klaytn price prediction

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Klaytn price uptrend holds in place despite a generally depressed price action witnessed in the crypto market over the last week. CLAY, the token built around the metaverse, gamefi, and the creator economy, is up 54% in 14 days to trade at $0.30. Klaytn price has a long way to go despite the rally from early January, considering it is exchanging hands 93% below its all-time high of $4.34 on 30 March 2021.

Klaytn Foundation Proposes New Tokenomics

According to the Klaytn Foundation, the network has approximately 11 billion KLAY in total supply, as of February 2023. Of this, 3.073 billion KLAY are currently in circulation. Following a careful study, the team believes that some changes must be adopted to secure a more sustainable token economy.

For that reason, the Klaytn Foundation has recently “proposed the immediate burn and removal of 5.28 billion KLAY that has not been used in the last 3 years and 8 months, out of the initial issuance reserve of approximately 7.48 billion KLAY.” After every three years, the supply will be reduced by “an additional 2 billion KLAY” through a token burn program. This will be conducted in accordance with Klaytn’s Governance Council (GC).

Other key changes proposed by the foundation include the merging of the Klaytn Growth Fund (KGF) and Klaytn Improvement Reserve (KIR) to form the Klaytn Foundation Fund. The GC is expected to guide all the reviews, and proposals conducted in all public forums. The goal in the long run is to bring up KLAY as a deflationary asset by managing the dynamics of supply and demand.

“KLAY token inflation is largely attributed to the circulation of new token supply, while deflation is wholly attributed to demand and use-cases,” the Klaytn Foundation wrote in the proposal.

Is Klaytn Price Ready for The Rally To $1?

Klaytn price barely holds support at $0.30 at the time of writing after bulls encountered mounting selling pressure slightly above $0.35. The token supporting the metaverse and gamefi sectors of the crypto economy had, however, sustained a remarkable rally from the beginning of the year, where it had exchanged hands at $0.15.

Klaytn price prediction
KLAY/USD daily chart

The 200-day Exponential Moving Average (EMA) (line in purple) at $0.2640 came in handy and helped bulls push out the bears. KLAY needs to hold the immediate support at $0.30 to keep the uptrend going in the coming sessions.

On the upside, Klaytn price will be on the safe side if the bulls push past resistance at $0.35. Such a move would open the door to gains aiming for $0.5. It is worth mentioning that the proposed changes in the network’s tokenomics could eventually propel KLAY to an all-time high of $4.34. However, this is a long-term price forecast likely to depend on the general outlook of the crypto market in the coming months.

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