Tron burns hot as TRX readies itself for range breakout, details inside
- Tron’s net issuance rate declined to -13.67 million from – 5.19 million a month ago.
- The total number of burned tokens reached over 15.43 billion, forming around 16% of TRX’s circulating supply.
TRON [TRX] burned over 18.74 million tokens over 24 hours until 3 March, as per data from Tronscan. With the number of new tokens generated being flat, the net issuance rate, or the difference in the number of tokens generated and the number of tokens burnt, fell further.
Read TRON’s [TRX] Price Prediction 2023-24
Notably, the net issuance rate declined to -13.67 million from – 5.19 million a month ago, highlighting that the burning activity picked up significantly during February.
The ‘burn’ is real!
TRX’s circulating supply dropped from 101.billion to 91.39 billion at press time, registering a 10% year-over-year (YoY) fall.
At the time of writing, the total amount of burned tokens reached over 15.43 billion, forming around 16% of TRX’s total circulating supply.
A steady drop in issuance rate makes a token scarce, which could boost its demand in the market, resulting in price hikes. This was evident in TRX’s price trajectory over the last month during which it gained 6%, data from CoinMarketCap showed.
TRX ready for a range breakout?
These aforementioned developments impacted TRON’s metrics positively over the last week. The weighted sentiment was in the positive territory, indicating that investors were optimistic about the coin.
TRON’s social buzz also rose, evidenced by the growing number of mentions of the coin on crypto social channels.
TRX’s bull rally was halted in mid-February after which it moved in the indicated range. A move past the range highs on 20 February was followed by intense selling.
During the same period, the Relative Strength Index (RSI) declined steadily and hovered along the neutral 50 level at press time.
How much are 1,10,100 TRXs worth today?
The Moving Average Convergence Divergence (MACD) line moved below the signal line, forming a bearish idea for the coin.
At the time of writing, TRX exchanged hands at $0.06739 with a marginal drop from the previous day. A price fall below the range lows will validate the bearish narrative.