With Tron’s circulating supply set to explode, some traders fear an imminent price drop. | Image: shutterstock.com
- TRON founder hints at upcoming acquisition, which stands to benefit BitTorrent Token and TRX holders.
- But TRX holders express skepticism towards Sun’s optimistic claims.
- Now, the community fears the worst for the 33 billion TRX which is due to be released on New Year’s day.
TRON’s Justin Sun repeated the trick that made him famous Monday, as he announced an upcoming announcement for BitTorrent Token holders.
Justin Sun Announces Announcement Again
Specifically, the TRON CEO hinted at an impending acquisition – one that he says will benefit both TRON and BitTorrent Token. On Sunday, Sun tweeted to his 2.1 million followers:
The TRON founder assured followers that the upcoming acquisition would benefit both TRX and BTT holders. | Source: @JustinSun. Twitter
Despite having more followers than any cryptocurrency CEO, Twitter’s reaction to Sun’s pre-acquisition announcement was skeptical at best. To find out why Justin Sun’s engagement rate doesn’t match up with his follower count, read:
How Justin Sun Manufactures Hype for the TRON (TRX) Train
The TRON community’s uncertainty probably stems from Sunday’s announcement that 33 billion TRX would be unlocked on New Year’s day. Coins which are pre-mined, such as TRON, XRP and many more, are essentially left to the whims of their founders.
Often the founders set up a release schedule, along with many other caveats and provisions which decrease the likelihood their unlocked coins will be unceremoniously dumped on the market.
TRON’s plan to unlock 33 billion TRX is cause for more concern than usual, With 99 billion TRX in existence, the New Year’s day unlock will represent one third of all TRX. With 66 billion TRX currently in circulation, this effectively increases the money supply by 50%.