Justin Sun, the CEO of TRON (TRX), announced this week that the project has staged the fifth round of the TRX ERC20 token burn, which took more than 4.9 billion TRX ($97 million) out of circulation.
Justin Sun✔@justinsuntron
4,917,487,036.059613 #TRX ERC20 token were burnt by #TRON Foundation. $TRX https://medium.com/@Tronfoundation/4-917-487-036-059613-trx-erc20-token-were-burnt-by-tron-foundation-2653a4dfbc32 …
4,917,487,036.059613 TRX ERC20 token were burnt by TRON Foundation
TRON mainnet was officially launched on June 25(SGT), so were the blockchain upgrade and token migration. The fifth batch of TRON ERC20…
medium.com
While TRON’s mainnet launched on June 25, the token migration process is still ongoing, offering the opportunity for TRON to reduce a portion of the 99 billion TRX total supply to boost price and investor sentiment.
TRON also provided a short update on the progress of TRON’s network, stating that there are currently 1058 nodes running on the mainnet. The network has quickly made notable progress in both daily transactions and total accounts, showing that the TRON is highly competitive with other major blockchain platforms.
The price of TRX has not yet benefited from the token burn and is currently down 1.1% over the last 24 hours. TRX is trading at $0.0198, down roughly 95% from all-time highs reached in January.
TRX is ranked 12th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.