Altcoins
Tronics untouched by Tron (TRX) burning another set of ERC20 tokens
Yet again, during a tweet by the CEO of Tron, Justin Sun, the Tron foundation announced the burn of ERC-20 tokens. It is important to know that this will be the 5th set of ERC20 TRX tokens that have been burnt by Tron after the launch of its MainNet. According to Sun’s tweet, the ERC tokens burnt was roughly 4.9 billion – the coin burn occurred last week, on Thursday, Sept 13.
Tron’s Token Burn
Tron’s MainNet was launched on July 25th, and since then, Tron has continued to burn some of its old tokens. According to Tron Foundation, the coin burn is regarded as the final phase of the Tron’s complete migration from Ethereum’s protocol.
As mentioned earlier, the 5th set of TRX tokens have been burned; the first set of tokens burned during Tron’s mainNet launch was approximately $50 million.
Due to the fact that about 4,917,487,036.059613 ERC20 TRX tokens have burned recently, Tron Foundation stated this in a blog post:
“Currently, TRON mainnet runs smoothly, there are 1058 nodes around the world, block height: 2309162 (As of 18:45, September, 13, SGT), token migration is still in process, meanwhile TRON will keep Tronics informed, thank you for your support.”
Nevertheless, the Foundation didn’t fail to state the reason why another token was burned, which is to decrease and control the number of TRX tokens in circulation, to avoid mix-ups and increase the value of TRX in the crypto market.
Tron’s community on their part expressed their feelings and opinions, which weren’t positive enough as they weren’t excited with the recent token burn.
No. These are the old ERC-20 tokens. This does absolutely nothing.
— Brad (@Brad2pointO) September 13, 2018
Moving forward, after the launch of Tron’s MainNet, the blockchain firm has increasingly been supported by different FinTech companies and Exchanges – as, it succeeded in getting featured on Wallets such as SatoWallet, Cobinhood, etc.
Tron Continues to Grow Riding on its Recent Developments
Not too long ago, Sun announced that Tron (TRX) had achieved greater heights as the number of accounts on its MainNet has exceeded those on EOS MaiNet, despite EOS MaiNNet being in the game for a while now.
Lots of crypto enthusiasts have noticed that the main reason why Tron has been able to surpass its predecessors and get lots of accounts on its MainNet was that it permitted Twitter and other social network users to send TRX within themselves.
Let’s not forget that Tron (TRX) got listed on ChangeHero and Instant crypto exchange platform, just recently. Nonetheless, Tron’s daily transaction has reached nearly one-third of Ethereum’s transaction. A tweet by TRX Colony reads,
“TRX stared Aug. with only 30,100 transactions a day. By the end of the month, the average of daily transactions was nearly 1/3 that of Ethereum. Tron is the fastest growing coin; this rocket ain’t stopping for anyone.”
Subsequently, as it’s no secret to anyone, Tron has also acquired BitTorrent, which is often regarded as one of the greatest achievements in the crypto space. The blockchain firm has also optimized its feat with the launch of its Virtual Machine. The CEO of Tron, Justin Sun stated this during the launch of its Virtual Machine:
“TRON is 80 times faster than Ethereum. With 14 years of experience, BitTorrent is providing world-class service to 100 million users in 138 countries. Add the two together, and you get the largest and most advanced peer-to-peer network in the world!”
Tron TRX Price Overview
There has been a slight improvement in the price of TRX after the coin burn. At the time of writing, TRX price has increased to $0.0195, after it saw a slight increase of 1.2% in its worth in the last 24-hours.
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Photo by Thought Catalog on Unsplash
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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