TRX has been suprisingly quiet when it comes to its price action as of late. Opening the month of August at $0.0033945/437 satoshi, the currency recorded a monthly low of $0.017565/291 satoshi on the 14th. In the upcoming period, TRX tried making a run for 400 satoshi twice, before settling into a sideways pattern it hasn’t broken out of in the last couple of weeks.
One TRX is at the moment valued at $0.022254 USD (-10.46% rise in the last 24 hours)/340 satoshi (5.11% rise in the last 24 hours). Its daily trade volume is pretty solid, sitting at 17,031 BTC. With a market cap of $1,265,919,208 TRON is currently the 13th most valuable cryptocurrency on the market, some way off the much coveted top 10 range.
WhaleAgents give a rather negative outlook on the currency:
“As many other altcoins, TRON has been creating series of lower highs and lower lows since May 2018. This series was interrupted in mid-August once the 8-month low was made. The low prompted the coin to make a bounce, although a shallow bounce. The price returned again to re-test the lows and it bounced again. However, the price is still trading below the horizontal resistance line, trend line connecting recent swing highs as well as 100 and 200 DMA. In the previous days, the price failed again at the confluence of resistance as the pressure on bulls gets bigger.”
Check out the complete analysis to see what their expectations for the currency’s next move are.
After seeing a litany of suspicious projects pop up on the TRON network upon its mainnet launch, things are starting to look slightly more professional now. The most recent addition to the ecosystem is called SEEDGerminator; this is a platform that acts as an accelerator for developers seeking to create DApps, tokens and technology on the TRON network.
SEEDGerminator functions similarly to Kickstarter/IndieGoGo and other similar crowdfunding platforms, letting developers submit their own applications for project funding directly to the Sesameseed community. The platform has already seen two projects posted: Poppy, a payment processor, powered by the Tron Blockchain, designed to seamlessly integrate into modern Point of Sale systems and Eggies.world, an interactive, open world game that leverages the unique characteristics of the blockchain for player interaction, gameplay and in game rewards.
The TRON network has seen other quality dApps released recently. SeedIt, a decentralized P2P payment system running on the Tron blockchain, lets users send cryptocurrency to their favorite bloggers/artists/personalities via Twitter and Telegram. SeedIt has already been used to send over 18 million TRX since it was launched around the end of August 2018. TronChat is a decentralized alternative to centralized social media platforms like Facebook, Instagram, Twitter and Google+. Project Atlas, a joint venture created in cooperation with BitTorrent, will incentivize people who keep seeding media longer, ensuring faster downloads and wider spread of resources for the user. Finally, Casper is a decentralized alternative to Spotify which promises cheaper access to the music you love whilst letting content creators keep the rights to their content and earn money from it.
?Read here about top decentralized crypto exchanges.
The community is currently engaged in a strong debate regarding the Tron Super Representatives. A Reddit post made by a user named Ne1up4 questioned several SR’s commitment to the project, including TRONSiliconValley, TRXMarket, EtherPoker, DAPPHOUSE, TheLastMe and TRONALLIANCE.
“(These projects) can’t even be bothered to fill in their team page and the links to their web sites are either dead ends or link to a crap useless site. They don’t give out rewards and I’ve never heard of them doing anything to benefit the community. Their voters consist mainly of a few heavy bag holders who are collecting the rewards for themselves,” pointed out the mentioned Redditor in his post. User holometrix responded to this by listing several key points SR’s should focus on in order to re-focus on the community and move the TRON project forward:
- Computing resources deployed
- Networking – reaching out to new users in new geographies/markets
- Education – providing easy to use guides to everything tron/crypto,
- Development – creating new and useful tools for the community
- Participation – showing up on websites like this and answering questions
- Strategy – developing a community roadmap -showing where they are heading mid-term
- Merchandising – providing non-financial rewards that help to build the community
- People behind – track record, consistency, knowledge.
- Overall professionalism – no hype, no deceit
- Other – newsletters, guides, active social media sites.
The entire thing implies that the network is suffering from an uneven distribution of tokens, with several key players holding massive TRX bags which let them manipulate the project. Still, there are a couple of SR’s who are doing positive things for the community (Community Node being the most often mentioned one) and upcoming SR’s like BitGuild, Tronix International or Tron-Society should probably base their “election campaigns” around the points mentioned above.
TRX’s liquidity has recently seen a couple of strong boosts. First of all, Binance confirmed the addition of a TRX/BNB trading pair to its platform.
— Binance (@binance) September 19, 2018
And in perhaps even more important news, Bittrex confirmed that that it would add Tron/USD and Litecoin/USD pairs to its platform, thus basically opening a fiat gateway for the cryptocurrency. TRX was also made tradable on BitBay. Finally, Justin Sun confirmed today that a TRX/USDT trading pairing has been officially enabled on KuCoin.
Overall, we saw some interesting TRON ecosystem developments in the last couple of weeks, as well as some solid growth of TRX’s liquidity. Will this be enough to make TRON the project to succeed Ethereum? We’ll just have to wait and see.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com