Latest Tron News
By destroying an additional 182 million TRX ERC-201 tokens, Justin Sun is confirming his distaste of ERC-20 tokens. Back in November 2018 when he announced on Twitter that the platform has burnt $800 million worth of ERC-20 tokens, he let the whole know of his sentiment although Ethereum was where Tron steadied before launching their own blockchain, virtual machine and even tokens—TRC-10 and 20 tokens.I just burned 800 million USD worth ERC20 tokens. ERC20 tokens will soon become historical artifacts😋 Don't forget to keep one as a souvenir. 😇 — H.E. Justin Sun 孙宇晨 (@justinsuntron)Similarities are striking but nonetheless, Tron will go on with the as they bid to tame inflation while rewarding token holders by ensuring reasonable distribution of tokens. However, there is no relation between these old ERC-20 tokens and current TRX coins because Tron now operates from their own platform complete with a functional and Ethereum compatible virtual machine.
completed the 8th token coinburn of 182,359,804.286079 , we welcome the supervision from our supporters and believers. — H.E. Justin Sun 孙宇晨 (@justinsuntron)It is simply Tron detaching themselves from Ethereum as some exchanges that support TRX are yet to fully migrate months after Tron independence. //youtu.be/M2DBsEbjucA
Tron (TRX) Price Analysis
At prevailing rates, TRX is up 2.5 percent in the last day cementing our previous bull preview. If anything, this was expected if not inevitable after TRX prices bottled last year. The draw-down was severe that TRX tumbled more than 90 percent from 2017-8 peaks. Even propping announcements and “secrets” from Justin Sun couldn’t prevent liquidation. However, at spot prices, bulls are buoyed and price expansion depends on how bulls react at 2.5 cents—a resistance level and a buy trigger line.From candlestick arrangement, our TRX/USD trade plan is as follows:
Buy: Spot, 2.5 Cents Stop: 1.8 Cents Target: 4 CentsAll Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.