Tron hits 1.1 million TPS and reaches 98% ETH token purge
The Tron Foundation has still got its eyes on the prize and is intent on becoming one of the most valuable cryptocurrency projects in the sector. To this end, the network is using various methods including scheduled token burn procedures.
The creator of Tron (TRX), Justin Sun, recently announced that the network has finalised another big token burn exercise. Sun revealed that $800 million in TRX ERC20 tokens have been obliterated in what was the network’s 7th “coin burn event”. This is part of a broader procedure to completely detach from the Ethereum network.
Revealing this development in a somewhat cheeky tweet, Justin told his followers:
“I just burned 800 million USD worth $TRX ERC20 tokens. TRX ERC20 tokens will soon become historical artifacts. Don’t forget to keep one as a souvenir.”
The “coin burn events” are done to ensure that the ERC20 TRX tokens are fully purged from the system. This comes after Tron Foundation migrates the tokens to its blockchain launched mid this year. Late on Friday, the network announced in a blog post that around 100,000,000 ERC20 tokens had been burned. This is to say that 98% of the ERC20 tokens have been remove from circulation.
Transactions to the moon
The Tron network is delighted to announced that it has hit 1 million daily transactions only two weeks after clocking 500,000 transactions. Tron transactions are currently double those of the second largest crypto in the market, Ethereum (ETH). There was a minor retracement to 900,000 transactions but the figure posted above 1.1 million following several days of stability. Transactions on the Ethereum network are averaging 600,000 currently. The network updates on Tron’s network are the main boost for the rising transactions. Platforms like TRONbet and TronDice are currently achieving a 200 million TRX payout in a month.
Tron (TRX) is currently trading at $0.0234 after a 2.32% rise in the last 24 hours. The $1.5 billion crypto is ranked 11th in the market. It has a 24-hour exchange volume of $87 million.
TRX Technical picture
From a technical perspective, Tron’s daily candle just bounced off the 55-EMA to trade within a very tight range. Support is currently set at $0.023 and $.022 respectively on the daily, with a limited upside of $0.026 capped by the 99-EMA.
MACD looks like it’s ready to tick up after weeks of selling pressure since the 19th of October. Perhaps the momentus event at the Malta Blockchain Summit was akin to the tumbling of small stones that start an avalanche – or at least we hope so.
The Relative Strength Index (RSI) ticked above its median mark indicating bullish divergence. Investors looking for a long position who haven’t yet had confirmation will look for any signs of another uptick to confirm their trade. Meanwhile, the stochastic RSI sits outside overbought regions meaning any upside momentum could have a way to go.
The cryptocurrency is exchanging hands at $0.0234 at the time of writing.