The Tron network has managed to outperform the rest of the cryptocurrencies amid the recently increased bear pressure. Tron’s native token TRX has surged by over 25% in the past 30 days. In a bid to support this increase the network is constantly executing multiple burns.
Almost 300 million TRX burned
Justin Sun, Tron’s head, informed that another almost 300 million TRX tokens have been sent to a dead wallet. The transaction was worth around $24 million. The token is trading at an average price of $0.079, at the press time. As per the Tron community, more than 385 million coins were burned on May 26, 2022, to back the process.
Meanwhile, two other similar transactions were recorded by the Whale Alert in the last 24 hours. Over $14.9 million worth of 184 million Tron tokens were transferred to an unknown wallet. However, Tron hasn’t claimed that these transactions were part of their burn process.
The Tron network has claimed that they are in a state of deflation. This declaration comes in as they have sent around 7.7 billion TRX tokens to a dead wallet in just 30 weeks. The Tronscan mentioned that TRX burned corresponding to the decentralised stablecoin USDD crossing 7.2 billion tokens. However, Sun looks optimistic as he aims for the 8 billion TRX burn mark.
May saw huge burn transactions
As per the data, the TRX burning process saw a huge spike in the month of May. The spikes went on to touch the 1 billion token burn level twice this month. May 5, 2022, saw the launch of another stablecoin USDD backed by TRX. However, the USDD has also surpassed a big landmark. The stablecoin has managed to build a circulation of over $600 million. This big accomplishment has come amid the recent Terre LUNA and UST historic crash.
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Meanwhile, the TRX token has jumped up the ladder to become the 13th largest cryptocurrency. It is holding a 24 hour trading volume of over $1.26 billion. Tron has a total market capitalization of over $7.5 billion.
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