TRON Makes Record For Period Spent In Deflationary State – Good For TRX?
18 Outubro 2022 - 3:48AM
NEWSBTC
TRON (TRX), a lesser known cryptocurrency when compared to Bitcoin,
Ethereum, Cardano and Dogecoin, made a loud noise in April 2021
when Tron Foundation announced the asset successfully leaped into
the deflation era. In doing so, TRON managed to be the first ever
deflationary virtual currency in the world, reducing its total
supply then by over 5.7 million, from 101.678 billion to 101.673
billion. The crypto’s parent company shared that the asset’s move
from inflation to deflation was carried out after its community
reached the consensus to turn TRX into a deflationary altcoin.
Since then, from October 28, 2021 to October 12, 2022, the
cryptocurrency has maintained its state of deflation for 50 weeks
and was closed to reaching one full year. Source:TRONSCAN The
milestone was disclosed in a tweet by TRONSCAN, the official TRON
blockchain explorer, on October 17th. But as that era ends for
TRON, analysts and experts are keen on seeing how it will help the
crypto especially during this bearish time for the space. Related
Reading: Ethereum In Tight Range – Will Selling Pressure Push ETH
Below $1,250? TRON Makes History – But What’s ‘Deflationary’
Crypto? Deflationary cryptocurrencies are those that decrease in
terms of supply over time, providing a window for the value of
every coin to increase even in cases where there is consistent
demand. ⚒️ $TRX has been in a state of #deflation with the total
amount of deflation reaching 9.6 billion #TRX, for 50 weeks
(2021.10.28-2022.10.12)!! pic.twitter.com/zc2xiGNc2W — TRONSCAN
(@TRONSCAN_ORG) October 17, 2022 TRON completed its transition from
inflationary to deflationary asset when its network’s community
agreed to the introduction of a burning mechanism that was meant to
reduce its supply as time went by. On August 14, 2021, the total of
TRX tokens minted reached 5,273,312 but that figure failed in
comparison to the total number of burned coins which peaked at
1,106,056,407 on May 22, 2022. Fast forward to the present,
tracking from Coingecko shows the current total supply of TRX is
101.9 billion, 92.3 billion of which are in circulation. The asset
is currently experiencing a high supply inflation rate of 38.51%. A
Glance At Current TRX Price And Forecast At press time, according
to data from Coincodex, TRON is trading at $0.0625, painting its
monitoring charts in green. It is up by 1.41% over the last seven
days and by 1.15% over the past month. The next few days will be
full of struggle for the asset, as it is predicted to undergo a
slight price correction and fall all the way to $0.0620. However,
TRX is seen to bounce back from this as its 30-day price forecast
shows it will climb up to $0.0695. Sentiment towards the first
deflationary cryptocurrency is neutral, as 15 of its technical
analysis indicators are sending bullish signals. On the other hand,
14 of its indicators point towards bearish momentum. It remains to
be seen how TRON will be affected by the end of its deflationary
status considering a crypto’s supply plays a vital role in its
price movement. Related Reading: NEAR Platform Active Users Soar –
‘Sweat Economy’ Boosting Token’s Price? TRX market cap at $5.8
billion on the daily chart | Featured image from Zipmex, Chart:
TradingView.com Disclaimer: The analysis represents the author's
personal views and should not be construed as investment advice.
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