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How Tron (TRX) future looks after locking 33.25 billion ERC20 tokens?

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Tron TRX
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The latest from Tron Foundation is the completion of its token migration and the official launch of the June 25th Odyssey 2.0 mainnet. The Odyssey v 2.0 launch was supervised by the Tron Independent Group (TIG) who made the process a success.

And in keeping with safety precautions, Tron foundation saw it best to lock all the virtual assets in tune with the changes Tron (TRX) was undergoing. Tron now stands on good ground with the launch of the genesis block complete. The Tron community is now waiting and anticipating the results of the expected election exercise of its Super Representatives.

During the token migration, one of the highlights of the event was the burning of 1 billion ERC20 TRX affiliated coins with an estimated valuation of more than 50 million US dollars. It stands to be the most substantial coin burn in cryptocurrency brief history.

As a sign of celebration on their part, Tron foundation had indicated days before the ‘Independence Day‘ migration that they would be destroying 1 billion digital assets as a sign of celebration and freedom from their frustrating master, the Ethereum blockchain. And true to their word they did precisely that on the very same day they went live as an independent blockchain.

A day after the first block on Tron TRX’s platform was produced, Tron Foundation published an article through their official Medium handle stating Tron’s blockchain browser had revealed that its addresses had 99 billion TRX. Confirming that indeed 1 billion digital assets were burned which means the current circulation supply of over 65 billion digital coins leaves about 33 billion digital assets to be held by Tron Foundation.

The Tron TRX team has already shared indications that the digital coins will remain locked up until January 2020.

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Many on hearing about the coin burn view it as an inhuman act towards your former master and towards a valuable asset; a coin burn means the coin is removed from the total supply and done away. It’s like the end of the coin’s lifespan. In the Tron situation, the Foundation could have most likely sent the old TRX tokens to a restricted, protected, dead wallet that’s unreachable to the general public.

Due to the nature of the ‘dead wallet’ the digital assets are made irretrievable, and despite the prices of the digital assets destroyed, Tron (TRX) seemingly does not see it as having a profound effect on its price and market valuation as of now though.

What is next for Tron (TRX)?

At the moment, Justin Sun and team seem to be making all the right moves. But despite making long strides, the journey is still long for Tron just like any other virtual currency. The hard work still lies ahead.

The future of Tron and its currency, Tronix looks bright. A joy for investors and holders who will stay loyal and hold through the current dismal performance and low prices (yeah, the token is also picking up alongside other cryptos in last 48 hours or so already). All odds seem to be on the cryptocurrency’s side already, let’s wait and see how Tron shapes with the time.

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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.

Image courtesy of Pxhere.com

Altcoins

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Why ZCash (ZEC) Is Heading to $10k

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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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