TRON Surges Nearly 9% After Founder Tweets About Forthcoming Partnership With ‘Industry Giant’

  • TRX's price surged nearly 9% after its founder Justin Sun tweeted about a coming partnership.
  • Per the CEO the partnership is with an 'industry giant' that's worth dozens of billions of dollars.

The CEO of the TRON foundation Justin Sun has recently tweeted out the organization is about to partner with an ‘industry giant’ that’s worth tens of billions of dollars. His tweet drew in controversy and excitement, and got the price of the TRX token up nearly 9%.

Responding to Justin Sun’s tweet, various social media users claimed he should be more careful with these announcements as they hype investors and can lead to price fluctuations, while others joined the guessing game pointing to companies like Alibaba, Baidu, and more.

This isn’t the time the CEO’s tweets make headlines this week, as earlier Sun claimed a new update would make the cryptocurrency’s blockchain “200x faster” than that of Ethereum, and at prices up to 100 times cheaper than EOS.

At the time, TRX’s price surged 8% on Sun’s tweet as he promised the network’s new version was set to deliver what other blockchains failed to. Ahead of the major partnership’s announcement, his tweet saw TRX’s price surge nearly 9%, according to CryptoCompare data.

TRX surgd on the tweet

Despite the price surge TRX still hasn’t managed to climb back to its recent 30-day high of about $0.028, as it’s currently trading at about $0.024. The cryptocurrency is down about 90% from its all-time high of over $0.25.

Recently, TRON had other developments which included the release of an updated toolkit for developers, that’s set to help them create decentralized applications (DApps) for the cryptocurrency’s ecosystem.

Earlier this year Justin Sun successfully acquired Rainberry Inc, formerly known as BitTorrent, and announced it was going to integrate it into the TRX ecosystem, giving it 100,000,000 new active users. Reportedly, seeders on the platform may be rewarded with crypto.

Thanks to BitGuild,  the first blockchain-based game on the TRON network was launched earlier this month. The game, Magic Academy, revolves around wizards and item prizes that are set to incentivize gamers. It’ll also have a ranking system.

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$2.4 Billion: Binance Team Vows to Burn Entire 80 Million BNB Holding

Michael LaVere
  • Binance team vows to burn its entire 80 million bnb holding that was originally allocated through the white paper. 
  • Exchange successfully completed its eighth coin burn with the destruction of $24 million bnb. 

Binance has vowed to burn the entire 80 million BNB, worth $2.4 billion, originally allocated for the team in what it calls a continued commitment to growing binance coin and the cryptocurrency exchange. 

Billion-Dollar Coin Burn

As apart of its quarterly coin burn, cryptocurrency exchange Binance published an update detailing the destruction of over 800,000 BNB on July 12, worth $24 million. The latest coin burn was the eighth completed destruction by the exchange, as apart of its whitepaper commitment to burning 100 million coins. 

 

 

The current total supply for BNB is 189 million tokens, which Binance wants to eventually reduce to 100 million. According to the cryptocurrency exchange's whitepaper 40% off the total supply (80 million BNB) was originally allocated as a reward for the Binance team. 

However, the exchange is now pledging to burn their entire allocation. Binance reports they are “giving up” on their BNB reward, and will contribute their individual coins to the quarterly burn as a way to “double down on our mission to exchange the world and spread the freedom of money.”

binance bnb coin burn july 2019Binance completes the eighth quarterly coin burn for BNB | Source: Binance

Binance Team Doubling Down

The press release explains that Binance will continue to burn BNB based upon quarterly trading volumes, but that the allocated coins will be destroyed first as the total supply is reduced to 100 million over the coming years. 

“We are now committing to building the Binance ecosystem without getting any BNB from the initial allocation. The team will burn their own tokens first. All US$2,400,000,000 of it!”

The update reiterates that Binance will not keep a single token from the original whitepaper amount, and that all bnb held by team members has been earned or purchased independently.

Changpeng Zhao, CEO of Binance, explained his motivation, 

 

“This shows that the Binance team is not money-driven. We are here on a mission. Let’s work together to increase the freedom of money.”

Binance reports that it will contiue to be the largest holder in BNB, as the exchange collects the majority of its revenue in the native token. In addition, staff members are paid in binance coin, contributing to the growing trend among exchanges to pay employees with crypto. 

Featured image by Marco Verch, Flicr, CC by 2.0