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TRON Celebrates Burning Over Half a Billion Tokens

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TRON

TRON (TRX) torched another round of its old tokens, bound to Ethereum’s network. Additionally, its new wallet finally got on the iOS App Store.

TRON team celebrates new progress

TRON (TRX) has become known for two things — making significant progress, and for burning significant amounts of its ERC-20 leftover coins. Right now, TRX has done both, almost at the same time. They just torched more than half a billion (670,045,551) tokens, but they did so in celebration of having their TronWallet finally appear on the App Store.

This usually wouldn’t be a cause for that much celebration, right? After all, the TRON team is nothing if not experienced and professional, so why is it that a wallet launch requires celebration and attention?

The team started the wallet’s development with a goal of publishing it for both, Android and iOS. Soon after that, they started running into obstacles that eventually led them to a crossroad. As their Medium post says, the team had to make a compromise — either to go down the multi-platform road as planned, or they would have to give up on these early goals and focus on the faster release.

Eventually, they chose to go with the latter, and the TronWallet was created for Android first. In the meanwhile, the team was trying to figure out how to fix the issues with iOS, so that the wallet can become available for Apple users as well.

Soon enough, the 1.0 release for the App Store was ready, although it was only a reduced version of the wallet created for Android. This was all back in July of this year, with the submission finally happening on July 22. This is when the second large issue emerged. The team had to wait for 30 days to have their app reviewed and possibly accepted. This was very discouraging, especially since all of their previous app publications were reviewed and approved much faster. Needless to say, the team was anxiously awaiting the news, hoping that they would be good ones.

The app was finally approved

A month later, Apple finally cleared the wallet and posted it to the App Store. However, the story does not end there, and the team continued to work on improving the app. As of right now, the iOS version of TronWallet will no longer be a reduced copy of what Android has to offer. Instead, it will be it’s equal and will offer numerous features.

Those will include the elimination of the need for signups and logins, local secret encryption with an addition of a PIN, the support for all TRON network operations (minus the ‘create token’ one), the possibility of multiple accounts, push notifications, and more.

Obviously, the team he put a lot of work into trying to please Apple, not to mention that the entire previous month was a nervous one, due to the extended approval period. However, the app went through, the team made it better, and the Apple users now have everything that Android users have. With all of that put together, it is clear why TRON believes that this development is a cause for celebration.

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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

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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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…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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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

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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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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