On 13th September, Justin Sun, the CEO and Founder of Tron Foundation posted a tweet regarding the 5th batch of TRX ERC20 token burn. According to Justin’s post, approximately 4.9 billion tokens were burnt this time.
Justin Sun’s tweet stated:
#TRX ERC20 token were burnt by #TRON Foundation. $TRX”
Post the Mainnet launch which took place on 25th June, the Tron Foundation initiated the coin burn process. According to the team, coin burn is considered as the final step of Tron’s migration from the Ethereum blockchain.
During the 1st batch of coin burn, the Foundation burnt 1 billion TRX ERC20 tokens worth $50 million approximately. The main aim behind coin burn is to bring the number of coins in circulation under control, which in turn results in increased prices. The Tron Foundation also mentioned that coin burn would encourage fair distribution of the cryptocurrency.
However, the cryptocurrency proponents on various social media platforms seem to be unhappy with the ERC20 token coin burn process.
Juan, a crypto enthusiast on Twitter says:
“Damn this is enough of telling us you burned the ERC20 token its not important that you did. Burn the that many Trx Coins NOW! that is news. Not this. Thanks Justin”
Another Twitter user says:
“Pointless news… erc20 has been dead for months.. unless these coins were going to be converted to trx coins But are being burned instead. Then that would impact the supply. Otherwise pointless”
A Tron enthusiast named mymouse says:
“not sure if this is a scam tweet or not…its got nothing to do with anything….simply burnng of old erc20 tokens….no impact on the current trx coin…..”
Following the Mainnet launch, Tron received support from numerous cryptocurrency exchange platforms. The recent announcements by the Tron Foundation included, TRX being listed on platforms including Bittrex, Satowallet, and Cobinhood.
At press time, Tron [TRX] is trading at $0.20 with a market cap of $1.34 billion. TRX is currently at the 13th position by market cap, with 9.58% hike in its price since yesterday. The TRX/USDT pair is being traded the most on OKEx with a volume of $18,607,769 in the past 24-hours.
A Blockchain Analyst named Rakesh says:
“Good news soon
#TRX to Moon Heading towards 10$ in 2019 jan”
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