Despite the dominant adverse mood on the cryptocurrency market and the struggle of most of its assets to remain in the green zone, one of its assets is breaking a record for the length of time it has been in a deflationary condition.
As of October 17, TRONSCAN, the official explorer of the TRON blockchain, reported in a tweet that TRON (TRX) has been in a condition of deflation between October 28, 2021, and October 12, 2022, which equates to 50 weeks or close to one year.
According to the release, the total number of TRON tokens hit 9.6 billion at the conclusion of this deflationary phase. According to the statistics, the largest number of TRX created was 5,273,312 on August 14, 2021, while the maximum number of tokens burnt was 1,106,056,402 on May 22, 2022.
The TRON token has been described as a deflationary cryptocurrency since the network’s community resolved in February 2021 to make it deflationary by establishing a mechanism that gradually decreases its total circulating supply.
This implies that the amount of its coins in circulation is regularly lowered, hence increasing the coin’s worth, in contrast to inflationary cryptocurrencies and conventional fiat money, whose value depreciates when banks and networks manufacture more coins.
In April 2021, TRX accomplished its first deflation in history — from March 30, 2021, to April 5, 2021, with TRON announcing it as the first cryptocurrency to go from inflation to deflation, therefore solidifying its value.
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