Despite the current surge in bear pressure, the Tron network has managed to outperform the rest of the cryptocurrencies. TRX, Tron’s native token, has increased by more than 25% in the last 30 days. The network is continually conducting several burns in order to sustain this increase.
Almost 300 million TRX were consumed.
Tron’s CEO, Justin Sun, announced that another nearly 300 million TRX coins had been delivered to a defunct wallet. The transaction was estimated to be worth $24 million. At the time of writing, the token was trading at an average price of $0.079 USD. To support the procedure, more than 385 million Tron tokens were destroyed on May 26, 2022, according to the Tron community.
Meanwhile, the Whale Alert has detected two other identical transactions in the last 24 hours. Over $14.9 million in Tron tokens were transferred to an unidentified wallet. Tron, on the other hand, has not stated that these transactions were part of their burn process.
The Tron network claims to be in a state of deflation. This announcement came after they delivered about 7.7 billion TRX coins to a defunct wallet in just 30 weeks. Tronscan reported that TRX burned 7.2 billion tokens, comparable to the decentralized stablecoin USDD. Sun, on the other hand, is upbeat as he pushes for the 8 billion TRX burn record.
May showed a surge in burn transactions.
According to the data, the TRX burning process showed a significant increase in the month of May. This month, the surges reached the 1 billion token burn mark twice. Another stablecoin backed by TRX, USDD, was launched on May 5, 2022. However, the USDD has also reached a significant milestone. The stablecoin has amassed a circulation of more than $600 million. This significant achievement has occurred in the aftermath of the recent historic Terre LUNA and UST crashes.
Meanwhile, the TRX token has risen to become the 13th largest cryptocurrency. It has a 24-hour trading volume of more over $1.26 billion. Tron has a market valuation of more than $7.5 billion.