$800 Million Worth Of TRX Burned By Justin Sun
Justin Sun, the Chief Executive Officer of TRON Foundation has recently announced in a tweet through his official Twitter handle that he has gone through $800 million dollars worth of TRX ERC20 tokens. In addition to this, he also said that the tokens will soon be a thing of the past so you should keep one in your wallet as a memory.
You can see the tweet here:
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 isnât 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 âartificial scarcityâ of the token which will lead to an increase in demand and the price since there wonât be as many in supply.
As reported by ZyCrypto:
âThe 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!