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Here Is How The Tron (TRX) Token-Burn Will Affect The Price of TRX

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TRON

In an announcement via the Tron (TRX) Foundation medium page, the team at Tron made it known that they will conduct a coin burn of 1 Billion TRX all at once, to commemorate the exciting event that is The Tron Independence Day. This amount in TRX roughly translates to $50 Million worth of the digital assets.

According to the announcement, this amount might set world records for the highest amount of money or its equivalent, destroyed in human history at one go. The amount of TRX at the beginning of the MainNet launch will be reduced to 99 Billion TRX with the remaining 33,251,807,524 TRX held by the TRON foundation will stay locked until January 1st, 2020.

So how does this affect the price of TRX?

Considering the fact that the Tron Foundation will burn TRX from the amount in its possession, this act only reduces the total supply of TRX and not the circulating supply of the digital asset. When calculating the price of a stock or cryptocurrency, it is the circulating supply that determines the supply and demand dynamics that determine the price of an asset.

This means that the coin burn will not directly affect the price of the digital asset. All it does is guarantee that there is 1 Billion less TRX possessed by the Tron Foundation. Perhaps what might drive the price up, is the guaranteed lockup of the remaining TRX by the Tron Foundation. This will give investors more confidence in the digital asset.

One can remember the market response of the Ripple camp locking up 55 Billion XRP in escrow. This guaranteed that the company would not ‘flood’ the digital asset in the markets. Investors were pleased and the value of XRP went up for a good while until mid-January.

So how else will the price of TRX go up?

As earlier demonstrated by Global Coin report, the increase in the price of TRX will be brought about by a stable and secure MainNet blockchain that will be the choice of the many DApp developers out there. With a solid product, comes the attention to the project and coin. This is a manner similar to how Ethereum managed to climb up the market cap ladder from mid last year to the current number two spot according to coinmarketcap.com.

There is also the transactional TRX coin burn that was highlighted by Justin Sun during the launch of the MainNet on the 31st of May. There will be a burn of 0.1 TRX when a new account on the platform is created and transfers cost 0.001 TRX. This means with time, the circulating supply of TRX will gradually decrease hence pushing the price of the future TRX coin up.

That said, the value of TRX has been affected by the general decline of the cryptocurrency markets. TRX is currently trading at $0.045 and down 6.21% in the last 24 hours. Perhaps as we inch closer to the Independence day that is less than 2 days away, the price of the Token will reflect the excitement of the Tron believers and HODLers.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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