TRON (TRX) Price is Predicted to rise after 1 Billion token burn
Tron (TRX) recently announced that it will be conducting the first 27 super representative elections on June 26 and will celebrate Independence Day on June 25 after the token migration completes. The big day for Tron (TRX) is around the corner and more and more exchanges are joining the blockchain. With this date approaching, BJEX also announced it’s support for TRON blockchain to upgrade and migrate token.
Tron (TRX)’s Justin Sun tweeted the news on his official twitter handle. He also mentioned details about the list of events that will occur in the following days. Sun also announced that on the Independence day, 1 billion tokens will be burned, worth 50 million dollars. According to the reports from Medium, the event is about to set the record for the maximum amount of money spent and destroyed in the history celebrations for a historic moment.
When a digital coin is burned, the remaining coins will increase in value significantly. Even when a particular amount of token is burned, the demand for the cryptocurrency may stay the same. The decrease in supply will cause the remaining tokens of prices to increase.
The Burn Will Take Place After TRON (TRX) Completes its Migration
TRON [TRX]’s founder Justin Sun recently tweeted on his official Twitter handle about token burning for his cryptocurrency Tron[TRX]. He informed Twitteratis and Tron [TRX] customers, the burning will happen after the token migration completes. Justin Sun said all will be made known when the token becomes free, self-governed and autonomous after the migration.
A New Direction For TRON (TRX)?
TRON’s (TRX) coin burning proposal is believed to mark the new phase for the network on its Blockchain. After the independence day and the Mainnet launch, new TRX tokens will be released to exchanges. The wallets will be swapped after this stage.
TRON’s value is considered to increase after the token burn. The demand will significantly increase as the migration of the token is just around the corner. The coin is valued at 0.045 USD, down 6.31 percent. The scenario is expected to change soon considering the current situation.
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