Tron (TRX ) Will Boom After $50 Million Dollar Coin Burn

Justin Sun, founder of TRON has recently tweeted about this coin burn, stating that on 25th June, when TRX token migration takes place. TRON will become free, autonomous and self governed they wish to celebrate by burning 1 Billion TRX tokens.

By burning cryptocurrencies, the value of the remaining coins increases. This because most cryptocurrencies have a finite total number. For example, there are currently 16.7 million Bitcoins in circulation and there can only be 21 million Bitcoins in total. Imagine that 1 million Bitcoins will be burned and the demand for Bitcoin remains the same. The decrease in supply of Bitcoins will cause the price to go up.

Tron will conduct a coin burn of 1,000,000,000 TRX all at once, which is worth 50 million USD according to today’s market price. This may set the record for the most amount of money destroyed in human history in celebration of a historic moment. The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000 TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked till 1st January, 2020.