TRON (TRX): If You Bet Against It, You Will Lose
TRON (TRX) may have just failed to consolidate the gains made last week when it rallied to reach the $0.10 price level. That opportunity will be counted as a missed chance, but there’s every indication that the same level can be hit again soon.
Today’s charts show that TRX has surged by over 17% in the last seven days. Its price is now trading at $0.090 against the US dollar, moving up by 4% against yesterday’s $0.086.
The token is showing the kind of resilience that will eventually push it towards a major break out before long. Most of it is down to a strong showing in the daily trading volumes, tantalizingly approaching the $1 billion point.
If the current trend takes shape, the price could easily surpass the previous high. You can’t just bet against it for now. Here is why.
The TRON ecosystem taking shape
It’s been known since March 31 that TRON will be launching their mainnet on May 31, 2018. In between, a flurry of positive events has occurred. The biggest one in April was when the platform announced a 30 million ETH airdrop to the community as a gratitude for the continued support.
There’s also the launch of the TRON loan initiative aimed at encouraging developers to utilize the platform’s ecosystem and build TRON related applications.
The platform targets developers for dApps in diverse fields such as finance payment, gaming, currency, IoT, energy management, social media, and communications. With such a broad target and concerted effort to make TRON bigger and better, the chances of matching up with the likes of Ethereum are getting higher.
The foundation has also launched a contest geared towards achieving the same goal as that of TRON loan. However, this could prove bigger and better due to the handsome reward of $280,000 for winners. A tweet on the official Tron Foundation simply states this to potential developers:
“Enter our contest, develop apps on our public blockchain and get the chance to be rewarded with up to $280,000”.
If you are a developer, such initiatives may not be many in the cryptocurrency industry. This kind of aggressive approach to marketing the blockchain can only mean that the eventual winner is the investor who gets in early and holds for as long as possible.
More Exchanges to add TRX pairs
The TRX token was in April added to two of the biggest trading sites in Bitfinex and Bittrex, helping to increase the coin’s accessibility and availability to a growing base of supporters and investors. There has been a host of others getting the coin added even as the mainnet approaches.
There’s chatter that Tron (TRX) could be the next digital asset added to US-based Coinbase. Whether that was to happen or not, the numbers of exchanges that support the project keep increasing. The result is more demand for TRX and more awareness of its strengths over the competition.
If you plan,
TRON has planned its migration from Ethereum so well. In April, the team announced that there would be an election for super representatives in June, coming a few days after the platform’s migration from the Ethereum blockchain.
According to what has been planned, TRON is going to launch its TVM (TRON virtual machine) before the mainnet on May 25. The mainnet itself comes on May 31, followed by the token migration on June 21. Thereafter, TRON will hold its elections to select the first 27 super representatives on June 26. By the time this happens, the value of TRX could be well beyond the $0.10 level, possibly closing in on $0.2.
Just to put it into perspective, TRX is among the top three best performing coins over the month of April. It traded at $0.03 on April 5th and currently looks set to hit $0.09. This will represent a one-month growth in the region of 200%. Only EOS among the top 10 has grown more over the last 30 days.
TRON (TRX) may not be exploiting the great potential and influence it has on the market, but dismissing it all together due to current price swings will be a mistake. It’s worth noting that the founder of TRON Justin Sun is protégé of Jack Ma, the Chinese business magnate. If there’s any connection to be made, then it is that TRON is definitely a project to watch.