Tron (TRX) price slowly rising as mainnet migrations, coin burns and super representatives galore
Last couple of days have been relatively positive for TRON. The price of the coin has been on a steady rise since Friday, as it went from $0,0314 to its current levels of $0,036702 USD. It has stagnated somewhat in the last 24 hours as the price recorded only a 0,66% rise in that time-frame. This is somewhat surprising as we saw the entire market slightly recover yesterday, thanks to some very bullish action from Bitcoin and some good FOMO around crypto in general kicking in. Still, TRX had enough “juice” to overtake NEO on the 11th spot of the CoinMarektCap’s list of the most valuable cryptocurrencies by amassing a total market cap of $2,395,243,156.
The technical side of things looks bright, as TRX recently broke out of a falling wedge pattern and has initiated a slow bullish breakout. For now it seems like TRX bulls don’t have enough power to break out and the coin might just experience another pullback in price before any serious run happens. A drop to 0,035 isn’t out of the question here. Still, the bullish breakout is more likely to continue, especially if the market remains as positive as it is currently.
Tron recently came out with a weekly update on its activities. Naturally the updates were communicated through Justin Sun and his official Twitter account. The update lists that work has been done on optimizing the TCP connection to reinforce structural integrity, adding the committee mechanism for a quality consensus and adding HTTP interfaces to the wallet software. In the future, users should expect the development of the virtual machine, tests of the committee mechanism and wallet sync-up with exchanges.
Community events were aplenty last week as airdrops, giveaways, and super representative elections dominated the talk. Several new super representatives have been confirmed, either as candidates or as elected representatives, including Dexnode, Tronhub, Trons Tronics and Tron Europe. Several big exchanges completed the TRON mainnet swaps, successfully migrating the TRX tokens to the TRON native blockchain and once again enabling deposits and withdrawals for their customers. The exchanges cited are Bitfinex, Binance, Coinnest, Bit-Z and MAX Exchange. July 11th saw Twitter representatives visit TRON headquarters, where they took a picture with Justin Sun and were presented with the official TRON mascot. Finally, TRON announced that the “GitHub Bug Bounty” program will continue to operate and inspire community supporters to participate in developing the TRON blockchain.
The new week has started off with a couple of bangs as well. Tronone was confirmed as an official super representative on the network. Justin Sun announced the winners of his predict #WorldCupChampion competition and handed them out 4750 TRX and 50 HT tokens. Cryptopia and QUOINE have confirmed that they have also completed the TRON migration and made TRX tokens available for deposit/withdrawal. about 20 exchanges and wallets that have completed the token migration, including OKEx, Cobo Wallet, Huobipro, Binance, Bitfinex, Coinnest, Bit-Z, Cryptopia, HitBTC, Koinex, and MAX.
The Core TRONICS program is well on its way, as a rating standard for the tasks fulfilled as a member of this program has been released. Finally, another 3 batches of TRX ERC-20 tokens were burned, leading to a total of 92424664154.355837 ERC20 Tokens burnt, which is 92.42% of the issued total 100 billion. the token migration is still ongoing but is approaching its end. The TRON Foundation has promised to make timely announcements about the migration, coin burns and any future updates regarding the project.
