TRON's Proposal to Decrease Token Supply CouldTrigger Price Increase for TRX
TRON's Latest Move: Reducing Rewards to Boost TRX's Value!
Listen up, TRX enthusiasts! The TRON network has cooked up a new plan that's set to shake things up in the world of TRX. Proposal No. 102, baby, here it comes! This bad boy could potentially redefine TRX's future. It's all about cutting the block generation reward from 16 TRX to a slick 8 TRX, and reducing voting rewards for top Super Reps and partners, from a fat 160 TRX to a lean 128 TRX.
The fun's just begun! Voting for this bad boy started on June 10 and will run till June 13 at 2:00 PM (Singapore time). If it gets the green light, this proposal will ramp up TRX's yearly deflation rate from a mere 0.85% all the way up to a beefy 1.29%. That means the production of fresh TRX will take a dive. Fun fact: This makes the existing tokens more valuable, and hey, who doesn't love a little appreciation?
Nine heavyweight Super Reps and community donors have already voted in favor of it. Some of these include powerhouses like Poloniex, Abra Capital Management, BlockchainOrg, and cryptoAI. But here's the twist - eighteen other key players, such as Binance Staking, Google Cloud, OKX Earn, and HTX.COM, are still sitting on the fence. So, the results are anyone's guess at the moment.
Now, reduction of inflationary pressure might just do the trick to support a more stable or even rising token price in the long run by boosting the token's deflation rate, make sense?
Speaking of rising, as we gather here, TRX's price sits around $0.29, up by more than 3% in the last 24 hours. As this puppy continues to climb, it's expected to break through the significant resistance at $0.30. And then, it's off to the races, aiming for $0.33.
The RSI (Relative Strength Index) is currently at 64, indicating that TRX is strong and on a roll, with no weakness in sight. But hey, since the RSI is getting close to the overbought region, a little dip, like testing the $0.27 price, could be on the horizon before it bounces back.
Want more? Check out: Hot Tip: Price Breakout on the Horizon as TRON Transactions Top 8 Million!
Insights:- Approval of Proposal No. 102 leads to a reduction in token supply, which could lead to an increase in its value over time.[6]- Proposal No. 102 is designed to boost TRX's deflation rate, reducing inflationary pressures and potentially supporting a more stable or rising token price.[2][3][4][5]- Key players like Binance Staking, Google Cloud, OKX Earn, and HTX.COM are yet to cast their votes on Proposal No. 102, leaving the outcome uncertain.[2]
[1] TRON Foundations - Official Website (https://tron.network/)
[2] TRONSDK (https://github.com/tronprotocol/TRONSDK)
[3] TronScan (https://tronscan.org/)
[4] TRONWeekly (https://tronweekly.com/)
[5] TRON DAILY (https://trondaily.co/)
[6] TRON Super Representative Elections (https://superrep.io/)
In the realm of TRON's Proposal No. 102, if approved, the reduced block generation and voting rewards could potentially stimulate investing in TRX by increasing its deflation rate and decreasing inflationary pressure, thereby boosting the token's value over time. The fate of this proposal hinges on the votes of key players like Binance Staking, Google Cloud, OKX Earn, and HTX.COM, whose decisions are yet to be revealed, thereby leaving the outcome uncertain.
