Tron’s TRX is Pumping While Crypto Markets are Dumping, But Why?
Crypto markets are erasing all gains made this year but one asset appears to be bucking the trend at the moment and that is Tron (TRX).
Tron’s TRX Up, Altcoins Down
From an intraday low of 200 satoshis, TRX has made 8 percent to reach 216 sats a few hours ago. In dollar terms the gains are similar. Daily volume has risen from just over a billion dollars to $1.4 billion according to Coinmarketcap.com and TRX is now at the eleventh spot as it’s market cap surpasses $1 billion. The top ten is just $130k away with XLM which is in decline again.
The thing to note is that all other altcoins are either flat or falling back again so what is driving the momentum for the Tron token?
Project founder Justin Sun has been doing what he does best with another announcement about an announcement.
“I know something big for the #TRON community, which will benefit all TRC10&20 tokens. $TRX $BTT $WIN. Can you guess what it is?”
I know something big for the #TRON community, which will benefit all TRC10&20 tokens. $TRX $BTT $WIN
Can you guess what it is?
— Justin Sun (@justinsuntron) November 27, 2019
The crypto rumor mill is hinting that Poloniex is about to announce support for the TRC protocol and TRX base pairs. The US exchange posted a similar cryptic announcement a few hours ago which was retweeted by Sun.
“We’ve been working on something big for the #Poloniex community. Can you guess what it is?”
Tron Fundamentals
The latest weekly report from the Tron Foundation boasts further network growth and some impressive figures. The report summarizes Tron’s latest advancements in technical development, in addition to on-chain and dApp data records for the network.
The report added that there were 61,000 new addresses in the past week with the total number of accounts on the network topping 4.17 million. The total number of transactions surpassed 800 million with 7 million added over the past week. The number of dApps on the network reached 632, maintaining its growth rate of 0.6%.
The Foundation recently announced the launch of the Nile Test Network which comes on the back of the SunNetwork test net for scalability testing.
It is no surprise either that the project has been winning awards on Chinese crypto media which tends to favor homegrown platforms over all others.
Tron fundamentals are constantly improving but today’s FOMO is likely to be in anticipation of the Poloniex listing of TRC standards and pairs. TRX is one of the top-performing altcoins at the moment.
Will TRX re-enter the crypto top ten? Add your comments below.
Images via Bitcoinist Media Library, Coinmarketcap, Twitter: @justinsuntron
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