Justin Sun, Tron CEO confirms nearly 4.9 bln “TRX ERC20 token were burnt”
Justin Sun, the CEO of the Tron Foundation has tweeted that this time 5th batch of nearly 4.9 billion tokens was burnt. The number of coins burnt is, indeed, massive and the burning process initiated after the launching of Mainnet on 25th June. The team has asserted that the token burning procedure is the ultimate step of migration from Ethereum to Tron.
The 1st batch included the burning of 1 billion TRX ERC2o tokens by the Foundation that had a total worth of almost $50 million. The fundamental purpose of conducting this procedure is bringing the coin in circulation under proper control such that the price eventually surges up. According to the Foundation, coin burning procedure would foster equitable distribution of digital currencies. On the completion of the Mainnet launch, a number of cryptocurrency exchanges came forward to support the foundation.
Tron grabbing all the highlight
The Foundation has recently hit crypto headlines back to back by getting listed on Satowallet, Bittrex, and Cobinhood. At the time of writing, Coinmarketcap indicates that the valuation of Tron [TRX] is $0.019 occupying the 13th position in the list. It has experienced a downfall by 0.74% with a market cap of $1.31 billion and trading volume in the last 24 hours is marked at $117.75 million.
Bittrex, the popular cryptocurrency exchange platform based in the US has declared that it will be launching Tron [TRX], Litecoin [LTC] and USD trading pairs. On coming Monday, 17th September 2018 the USD pairs will be launched on the exchange platform.
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