Tron (TRX) Price Surges 6% From the ‘Tether Effect’
Tron is performing better than most altcoins today as $30 Million worth of TRC20-USDT tokens enters the market. This recent injection brings the total amount of Tether circulating on Tron’s network up to 300 Million. The ‘Tether effect’ has begun.
TRC-20 based USDT Growing
It is no secret that Tron founder Justin Sun aims to topple Ethereum as the world’s leading smart contract platform, but he is quite a way away from doing so. The first step for Tron developers was to create their own standard which is the TRC-20.
Yesterday, Sun announced a partnership with Poloniex and urged users to convert their Ethereum based USDT tokens into Tron based ones.
Thanks for the support @Poloniex!
All users can convert their Omni-$USDT & ERC20-$USDT to TRC20-$USDT with Poloniex – it's safe and super fast! https://t.co/hjXK0K19nB— Justin Sun (@justinsuntron) October 24, 2019
There has been a lot of activity today for Tron based USDT and it appears that a number of exchanges are doing the same thing. The Tether printers have been fired up again and fresh tokens are being sent to exchanges that support TRC-20 based USDT.
Prominent Tron supporter, Misha Lederman, commented on the $30 million Tether mint to be used for TRC-20 tokens.
Another chain-swap from Ethereum’s USDT-ERC20 to @Tronfoundation’s USDT-TRON, this time $30 million. The exodus has commenced & will only accelerate from today as #USDT-#TRON is far superior compared to the Bitcoin & Ethereum versions in terms of speed, scalability & usability.
Another chain-swap from @Ethereum's USDT-ERC20 to @Tronfoundation's USDT-TRON, this time $30 million.
The exodus has commenced & will only accelerate from today as #USDT–#TRON is far superior compared to the Bitcoin & Ethereum versions in terms of speed, scalability & usability. https://t.co/DXoqOym1Js
— Misha Lederman (@mishalederman) October 24, 2019
Poloniex is not the only exchange that has endorsed Tron’s standard. It appears that the Tether printers are also sending tokens to Huobi and Bitfinex according to the ‘whale alert’ account. In the last few hours $40 million in USDT went to Bitfinex while $30 million was sent to Huobi.
Top 3 TRC20 – $USDT exchanges: #1 @HuobiGlobal; #2 @Poloniex; #3 @bitfinex
#TRX $TRX $BTT pic.twitter.com/5EzfQQezos
— Justin Sun (@justinsuntron) October 25, 2019
A few days ago the Tron Foundation tweeted that there was now $300 million Tether issued TRC-20 tokens in circulation.
The circulation amount of #TRC20– #USDT issued by @Tether_to on #TRON network exceeded 300 million.
pic.twitter.com/kM2kSWIKRE
— TRON Foundation (@Tronfoundation) October 23, 2019
While community member Mike McCarthy noted that 10.5% of Tether is now on Tron.
10.5% of Tether @Tether_to USDT is now on TRON.
Growth figures for the last few days:
Oct 18th = 5.6%
Oct 21st = 6.3%
Oct 24th = 8%
Oct 25th = 10.5%#TRON #TRX #USDT #Tether #BitTorrent #BTT #BTFS https://t.co/P1gkSzSyMz pic.twitter.com/wv224yUYC8— Mike McCarthy (@MikeNerdUK) October 25, 2019
Tron (TRX) Market Reaction
TRX prices have risen 5.5% today though in the grand scheme of things they are still flat alongside most altcoins. A quarter of the volume at the moment is on two obscure exchanges HCoin and BiKi.
In terms of dollars, Tron prices are down this year by almost 20%. Today TRX is trading at $0.015, down over 93% from its all-time high spike.
Tether meanwhile has flipped Bitcoin Cash in terms of market cap which is now $4.1 billion according to Coinmarketcap.com. So far this year the USDT supply has over doubled as the printers have been working on overtime.
Is Tether manipulating money for Tron? Add your thoughts below.
Images via Shutterstock, Twitter @justinsuntron @mishalederman @MikeNerdUK
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