With Super Representatives, Tron (TRX) Coin Burn Could Materialize
Tweeter user @WLFOFMYST has this incredible Tron (TRX) theory of having a coin burn possible through the ongoing Super Representatives nominations, and later elections, on the 26th of June.
In the tweet @WLFOFMYST suggests the following about Super Representation on the Tron Network.
“This is too important not to share right now. My head IMMEDIATELY went to one thing after reading this. COIN BURN. Justin wants the power in the people’s hands as he clearly states. What do the people want?? Less supply. Sleep well.”
The prospect and need for a Tron (TRX) coin burn has been the subject of many social media discussions. Many TRX HODLers believe that with a coin burn similar to how Binance Coin (BNB) orchestrates its own coin burn every quarter of the year, the price of TRX will go up due to the reduced supply in the market.
Many had anticipated the coin-burn discussion would be mentioned by Justin Sun during the launch of TestNet on March 31st, but this did not materialize. Many even speculated that the coin burn will be transaction based in a sense that with every new transaction on the MainNet, some TRX would be used as ‘fuel’ for the transaction and destroyed completely.
Now, with the prospect of a decentralized community with Super Representation through the 27 soon to be elected representatives, the discussion for a coin burn will soon be reignited. Super Representatives are meant to give every TRX owner the power to have his or her voice heard by laying the foundation for a self-governed community with a general election. Most, if not all, TRX HODLers want a reduction in coin supply through a coin burn.
The total supply of TRX stands at 100 Billion with a circulating supply of 65.748 Billion TRX with the current price of $0.081. This then brings the market capitalization to $5.381 Billion. If we were to halve the amount of coins in circulation using an abrupt coin burn, and maintaining the same marketcap, TRX would be valued at $0.163, which is double the current value.
This is proof that a coin burn would indeed give TRX HODLers their wish of having a higher TRX value with less supply. All we can do now, is wait for the Super Representatives elections and the decisions that will stem from such a democratic way of handling the TRX network and project.