The Tron network has managed to outperform the rest of the cryptocurrencies amid the recently increased bear pressure. Tron’s native token TRX has surged by over 25% in the past 30 days. In a bid to support this increase the network is constantly executing multiple burns.
Almost 300 million TRX burned
Justin Sun, Tron’s head, informed that another almost 300 million TRX tokens have been sent to a dead wallet. The transaction was worth around $24 million. The token is trading at an average price of $0.079, at the press time. As per the Tron community, more than 385 million coins were burned on May 26, 2022, to back the process.
Meanwhile, two other similar transactions were recorded by the Whale Alert in the last 24 hours. Over $14.9 million worth of 184 million Tron tokens were transferred to an unknown wallet. However, Tron hasn’t claimed that these transactions were part of their burn process.
The Tron network has claimed that they are in a state of deflation. This declaration
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