Tron MainNet launch, migration, coin burn – a hit or a miss?
Tron decided to separate from Ethereum and launched Tron MainNet on May 31. It was followed by a lot of marketing, with founder Justin Sun himself tweeting about the updates every day.
From information about the token migration, Super Representative elections to coin burn, Sun tweeted about each and every event. In fact, on their ‘Independence Day’, there was a 12-hour live streaming. And, to celebrate the occasion they burnt 1 billion coins. People expected that there will be a price rise post MainNet launch, however, it didn’t go that way. Though it won’t be fair to say that Tron hadn’t seen good days price-wise. April was a bullish month for Tron — the price increased by 260%. Since then it just went down until recently, the cryptocurrency saw a slight positive spike on June 18, which brought the TRX price up from $0.041 USD to $0.051 USD.
The purpose behind the coin burn was actually removing tokens from the total amount of supply. When the coins are burnt from the total supply, the number of coins decreases but demand remains the same. So, the decrease in supply and increase in demand prompts the price to rise. It also encourages the investors to hodl the coins. Also, helps in preparing the coin for better technology.
However, even that didn’t help TRX to make a mark. In general, TRX went on a slow bleed and it lasted until June 27 with the lowest mark of the month being at $0.037 USD. The coin burn process also did not help the price of the crypto to go up. Currently, the price is around $0.038 USD, with a total market cap of $2,556,595,597 USD.
A number of exchanges came in support of the TRX token migration. Recently, Pornhub announced that it will be accepting TRX. Also, founder of a known cryptocurrency, Cardono offered a business proposal to Justin Sun. Sun even responded saying that he would think about it. The community believes that this might be a good sign and result in some collaboration. Things appear to be good in terms of all other aspect but price.
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