BitTorrent (BTT) rises 12% due to Tron (TRX) incineration | CoinDesk JAPAN

• BitTorrent (BTT) is on the rise due to another Tron (TRX) incineration at its publisher Tron Network.
• BTT tends to react to positive Tron news even if TRX price does not move.

BTT, the namesake token of Tron-owned peer-to-peer file sharing platform BitTorrent, rose more than 12% as the Tron network conducted a new burn of its native token TRX.

Incineration of a crypto asset (virtual currency) means permanently removing the tokens from circulation by moving them to an inaccessible wallet, often reducing the supply and potentially increasing the value of remaining tokens. , is considered to be deflationary.

More than 170 million TRXs have been removed from circulation in the past month, according to data from blockchain explorer Tronscan. TRX is currently in a deflationary phase with an annual decline rate of 2.99%.

TRX supply amount (TRONSCAN)

In the past, BTT often reacts to positive news on TRON even if TRX price does not move. TRX itself rose just 1.6% on the news, according to data from CoinDesk Indices. The CoinDesk 20 Index (CD20), which broadly measures crypto market performance, is up 3.6%.

Last December, when the Tron blockchain reached 200 million users, BTT skyrocketed, nearly doubling in one day.

In March 2023, the U.S. Securities and Exchange Commission (SEC) announced that the BitTorrent Foundation, BitTorrent Inc. (currently Rainberry), TRON founder Justin Sun, TRON Foundation ( Tron Foundation), claiming that BTT and TRX fall under the category of unregistered securities and that Mr. Sun tried to use wash trades to artificially inflate the trading volume of TRX.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Justin Sun (CoinDeskTV)
｜Original text: BitTorrent's BTT Surges 12% as Owner Tron Completes TRX Burn