On January 5, 2018, TRON (TRX) commanded a price of $0.26 a piece and a market cap of a little over $17 billion. Right now, the same coins go for just $0.03 a piece and the company’s market capitalization has fallen to $2.15 billion.
Sure, this decline has come against a backdrop of wider market collapse. Prices across pretty much every coin or token on the market are a fraction of what they were just a few weeks ago and the industry is currently undergoing one of the all-time steepest corrections since its inception less than a decade ago.
With Tron, however, a few other inputs have served to push down the company’s tokens slightly further than might otherwise have been the case if the company had simply fallen on a collateral impact principal.
The company’s white paper was shown to have been plagiarized (to a degree) and despite Tron’s efforts to explain it away as a translation problem, markets are far from convinced. The somewhat omni-presence of (and, in turn, potential overreliance on) Tron’s founder, Justin Sun, has also spooked markets a little, compounding the just mentioned white paper concerns and adding weight to the wider market decline.
As many of our regular readers will know, we’ve been on the lookout for some of the top recovery picks in the cryptocurrency space.
And while we’ve highlighted a couple of the things that are weighing on Tron and TRX right now, this coin is one we’re flagging up as a top pick.
Well, Tron has a grand vision of solving the problems that are currently caused by a centralized internet. The company bills itself as a blockchain-based open-source global digital entertainment protocol and, for all intents and purposes, that’s what it is. But there’s more to it than that.
It’s set up as a decentralized network through which anyone can freely create content, websites, and applications, without relying on centralized services. If the company can execute on this goal (and all signs so far suggest that it can, at least from a technical perspective), it’s not going to have to achieve much by way of penetration into the sector it’s targeting to command a large presence in the tech space.
Tron has scored a range of big-name partnerships, including with Peiwo (which has more than $10 million registered users), UPLive (20 million users), Bitmain (needs no introduction) and Gifto, a blockchain based virtual gift exchange established by Asia Innovations Group.
We’ve said it about Ripple (XRP) before – the ability to score enterprise level partnerships is a really great indicator of a company’s position in the market. Any company can tell you its technology is going to be a game changer; not all companies can convince existing market incumbents that this is the case and, in turn, get said incumbents to sign off on a partnership.
Ripple has been able to do just that, as has Tron.
And it’s probably in a large way due to the above-mentioned Sun spearheading growth. Sure, a company that’s overly reliant on its founder isn’t great, but if the founder is a real growth catalyst, it’s also not a bad thing.
And Sun really is a catalyst here. He acts as a link between the global Tron community and the company’s development efforts and, in this space, an open access line to what’s going on behind the scenes, especially at a time when markets are down and sentient is weak, is invaluable.
Bottom line: the market is down and Tron is down more than most. The lower it gets, however, the deeper the discount that’s available to anyone that wants to pick up cheap coins ahead of a recovery.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Tron.
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…