The Tron (TRX) MainNet is currently live and undergoing rigorous testing for vulnerabilities to make sure it is a secure and stable platform before the genesis block is launched on the 25th of June. However, one question has been lingering in the minds of Tron fans, HODLers and traders.
That question is, Will we see a $1 TRX value before the end of the year.
Current TRX token high supply concerns.
Tron fans and HODLers are continuously concerned about the high total supply and high circulating supply of TRX. The current total supply stands at 100 Billion TRX with the circulating supply currently at 65.748 Billion TRX. For Tron (TRX) to reach $1, the market capitalization will, in turn, be $65.748 Billion, which is $5.5 Billion higher than that of Ethereum right now.
This means that TRX will have to edge out 8 other coins and tokens to get to the number 2 spot. The other only other way TRX will reach the $1 mark, is if there is a corresponding increment of the total crypto-market capitalization back to the January levels of $832 Billion. Tron will, therefore, have a chance of hitting the $65.748 Billion market cap that corresponds to a $1 TRX value.
Will the proposed transactional coin-burn be enough?
Using the current set up of transactions on the MainNet, users will be able to initiate up to 25 free transactions per day. A coin-burn of 0.1 TRX will be required for the creation of each account on a DApp on the platform. Transfers will cost you 0.001 TRX. Therefore to burn 1 TRX, you will need either 10 new accounts on a DApp or 1,000 transfers. Considering that there are over 100 Million users on the current Tron Platform and more destined to use it with time, the coin-burn will be able to reduce the amount of TRX in circulation with time.
A reduction in supply will mean that the value of TRX will gradually increase due to ‘gradual scarcity’. Think of it as destroying a pair of limited edition Air Jordans every month. The manufacturer only made 100. The price of the remaining ones is sure to go up with each destruction.
So what will it take to get to a $1 TRX value?
As outlined above, the solution lies in the two possibilities of TRX rising like a phoenix in the next 6 or 7 months with respect to its market performance. This rise will be due to the performance of the MainNet as well as a general increase in volume in the total crypto-market capitalization.
Another thing to note is the coin-burn that will help reduce the number of TRX coins in circulation with time.
Therefore, it is indeed possible to reach the much anticipate $1 value by the end of the year.
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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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