Tron (TRX) Becomes Deflationary Asset This Year: Data

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous paradigm shifts and market trends. The current deflationary status of Tron (TRX) is undoubtedly one such trend that catches my attention. With a reduction of 2.41 billion tokens from circulation, representing a significant decrease in net TRX supply, it’s clear that the TRON network is gearing up for something big.

2021 saw Tron (TRX), one of the top 10 cryptocurrencies in terms of market capitalization, reach a deflationary state. This development underscores an increase in network activity on a previously influential blockchain platform that focuses on decentralized finance (DeFi).

2,410,000,000 TRX removed from circulation, data shows

Over the past year, the combined number of TRX tokens in circulation decreased by approximately 2.41 billion. At the current price, this reduction amounts to an impressive $381.2 million according to the analysis provided by Lookonchain.

Over the past year, $TRX supply has decreased from 88.97B to 86.56B, a decrease of 2.41B $TRX($381.2M).$TRX is in deflation with a rate of -2.93% over the past year. — Lookonchain (@lookonchain) October 11, 2024

Consequently, the total number of TRX coins in circulation has shrunk from 88.97 billion to 86.56 billion, representing a remarkable 2.93% reduction – a deflation rate never before seen for TRX.

In the Tron (TRX) blockchain, when network bandwidth becomes limited, users must destroy some of their TRX tokens as a form of payment for transaction resources. This system operates in a manner similar to Ethereum‘s EIP 1559 and aims to defend TRX against inflation and prevent excessive or malicious transactions from consuming all the TRON network’s resources.

Justin Sun, the founder of Tron (TRX) and the newly appointed prime minister of the autonomous nation Liberland, is confident that the decrease in TRX supply will continue without interruption.

Keep going.

The price of Tron (TRX) is trying to maintain its position above the $0.16 mark, having increased by 1.86% within the past 24 hours despite a decrease in trading activity. This information is derived from available data.

Tron’s SunPump targets major revenue milestone 

Recently, the excitement about the no-code meme coin launcher SunPump has been a significant factor contributing to the rise in activity on the Tron network.

Currently, based on data from Dune Analytics, SunPump has seen the generation of more than 90,000 meme tokens. Accumulated transaction fees within the network are approaching a total of approximately 35 million TRX.

By mid-August 2024, the platform was earning approximately 3.6 million TRX in daily fees. However, within just two months, SunPump’s activity plummeted to less than 1%, yet it continues to draw interest from meme coin enthusiasts and traders. To reinvigorate the product, the team announced an airdrop campaign distributing 888 TRX tokens to participating teams as an incentive.

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2024-10-11 18:07