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Why Tron (TRX) price still stagnates after several weeks of good news?
Tron just celebrated its first birthday (as well as Justin Sun‘s). It’s been a momentous year for the project and the last six weeks have been even more spectacular with lots of completed milestones. Tron became independent from Ethereum by releasing its new Main Net, which was a success in full.
All the available reviews for the new network say that the features, speed, and scalability are as good as expected. Then the old ECR-20 Tronix tokens became independent too. After those events, Tron bought BitTorrent and released its new virtual machine.
Rumors are still in the air about a possible partnership between Tron (TRX) and Alibaba, and there’s even a new rumor about Twitter after some officials from the microblogging site were known to visit Tron’s offices to talk with Mr. Justin Sun.
Finally, the “secret” project was announced among a lot of anticipation. It’s called Project Atlas, and it’s a way to integrate BitTorrent with the Tron network. The idea is to use the Tron network to improve BitTorrent’s performance and to find new news to incentivize BitTorrent seeders so that they seed their files for longer times thus enhancing the network’s usefulness.
So it’s all been great news and even hype for Tron, yet the digital asset associated with the project (TRX) is still not performing as the price has remained stagnant. Why?
There are several reasons for the coin’s current behavior according to different neutral observers and other members of the crypto community, let’s review them.
It’s imperative to realize that there’s nothing really wrong with Tron’s current performance in the market. While it’s certainly not rising quickly in price, it is increasing indeed, and the thing to keep in mind is that the whole year has been bearish for the almost all cryptocurrencies. So slow as the growth is, the fact remains that most coins are not growing even slowly but losing ground.
Another piece of the puzzle is, just, that Tron (TRX) is still a very young project. It’s been around for a year only, and the new Main Net is not even two months old.
There is no doubt that the Main Net is every bit as good as Mr. Justin Sun promised it would be, but it’s going to take some time for developers to create enough decentralized apps using the Tron network so that those apps bring new Tron users around, thus creating demand for the token.
Another consequence of Tron’s youth is that it’s still not very widely adopted as a cryptocurrency. This is crucial. Adoption means usefulness, the more users any cryptocurrency has in real life, the more problems a coin can help to solve, the more demand there is for it, and it’s that demand that can bring prices up.
The adoption process needs a lot of work and takes a lot of time, even Bitcoin, king of all tokens, has had a tough time to achieve partnerships that help it find its way to new users. The good news in this regard is that Tron community members are acutely aware of this, so they are working hard to find new uses for the token, and, they are using it themselves as well.
However slowly Tron’s currency’s price (and demand) is growing, the project remains among the most ambitious, relevant and reliable in the cryptosphere. It has a community with very engaged and capable people, and the leadership has delivered on its promises every time. The challenges as mentioned earlier that have to do with time will also disappear because of time.
Too many observers are scratching their heads over TRX’s current performance, but the Tron project is still viable. New apps, new users, the integration with BitTorrent, wider adoption will thrust Tron forward in the long-term. If you are holding any TRX currently, the wisest move would be to keep it, not to sell out of fear or impatience.
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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 and read our full disclaimer.
Image courtesy of Maxpixel.net
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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