Published
5 years ago on
November 02, 2018
This tweet alone attracted several comments from users of TRON and enthusiasts of the crypto who expressed doubt, confusion and shock. Some have responded to the tweet asking the CEO to explain how he actually accomplished this. This isn’t the first time that Sun has made it known that he has burned tokens. During summer this year, it was assumed that TRON burnt around 100 billion tokens of TRX. In fact, last month there was almost $2 billion worth of TRX token burnt by the TRON Foundation. The leads the question to be asked as to whether this is a form of sanitation and traditional exercise for the TRON community? Sun gave his reasons for doing such a strange thing, removing these tokens from circulation. This will create ‘artificial scarcity’ of the token which will lead to an increase in demand and the price since there won’t be as many in supply. As reported by ZyCrypto:I just burned 800 million USD worth $TRX ERC20 tokens. $TRX ERC20 tokens will soon become historical artifacts Don't forget to keep one as a souvenir. #TRON
— Justin Sun (@justinsuntron) November 1, 2018
“The foundation also came up with another reason that the coin burning is to hinder inflation and create a reasonable distribution of the tokens. It will also increase the value of the already existing token in the hand of HODlers.â€What are your thoughts? Let us know what you think down below in the comments!
