The founder of TRON (TRX), Justin recently tweeted about the company’s ambition to move back to the top 10 currencies on the Coinmarketcap rankings. This comment was placed a few days before the official testnet launch where TRX price was moving green faster than any of the top 20 coins. The pace has however slowed with the coin currently trading at $0.0348 on average on the major exchanges. This places the coin in 14th position with a total of 65,748,192,476 TRX in circulation resulting to a valuation of $2,287,721,507 USD.
We had reported that TRON will launch its mainnet this quarter. The company launched their testnet a few days back giving their supporters and investors a hope to see the price continue to rise. TRX price was on a bull run as it rose above $0.4 for the first time in a month, doubling its price during the same period. However, this has not been the case since the launch as the price experienced a sharp dip of over 14.2%.
Investors however should not be too alarmed given the prospects that TRON has in store after this recent test launch. The testnet has been a success with over 126 nodes connected in the first few days across 5 continents. TRON also continues to show its willingness to develop meaningful partnerships with major companies in the entertainment industry.
So how exactly does TRON plan to regain its place as one of the 10 largest coins according to market capitalization and adoption?
3 Factor Recipe to ensure TRX cements its place in the top 10
This is not an exhaustive list given the major strides TRON (TRX) development team and founder, Justin are currently making. However, these are the main points a new investor, HODLer of TRX or haters should consider before brushing TRX as a scam or failed project. These 3 factors may end up being the correct ingredients to success for TRON.
- Incorporating Fiat/TRX trades
TRX’s price has been struggling in the red for the past few weeks with the whole market facing a cryptocurrency bloodbath. However, I am of the opinion that TRX would fair far better if its dependence on Bitcoin (BTC) and Ethereum (ETH) trading pairs was shared to fiat currency trading. Investors need a quick and direct way to change their fiat currency.
Currently the highest trading exchange that trades using fiat pairs is Ethfinex, TRX/USD pair. However, the exchange pair ranks at a low 14th in the rankings out of 31 exchanges that deal TRX. More shockingly is that the total daily volume traded using fiat on all exchanges is less than 1% combined.
How TRON aims to solve this
Coinflip, one of the major providers of Bitcoin ATMs in the US, announced recently the addition of TRX to its ATMs. The company currently operates well over 40 Bitcoin ATMs throughout the country. This will allow anyone within the United States to buy TRX directly from the ATMs using fiat using the ATMs.
Dependence on converting fiat to BTC in order to get TRX has been a major setback to rapid adoption of the coin to most newbies. Tronix should therefore consider how to make it easier for novice traders to buy TRX using fiat currency.
- Ban of crypto adverts
The recent wave of bans on cryptocurrency advertisements on major social platforms such as Facebook, Twitter and Google/YouTube is a blessing to TRX. It would not be prudent to conclude that Tron blockhain will replace these platforms anytime soon, however this might be the start of a revolution. With these major social companies banning crypto ads, most crypto enthusiasts were left with the question, ‘Why?’
I concluded that these companies were not banning ads as a precaution to scams but rather due their own interest. Story for another day. This shows the power we give to centralized corporations. TRON (TRX) is here to change all that with the market left to decide what is to be put on the web. The decentralized web will allow users to decide what content is to be broadcasted and what to be pulled down. This ensures information is disseminated and delivered in a free and fair platform.
No more controlled information and censoring information. Congratulations ‘social companies’, you played yourselves.
- Justin is a real marketer
Justin has previously been criticized heavily on various media streams, on Reddit or Twitter for being a serial marketer with no real plans. I will agree that it seems a bit too much at times but that is his passion and job, seeing TRON flourish technologically and gain adoption. As much as technological developments of TRON are core to the coin reaching top 10, the latter is just as important.
Name me one cryptocurrency founder who is as committed and driven to marketing their product as Justin is. Charlie Lee? Maybe. I definitely think Mr. Sun’s enthusiasm will be key in making Tron shine all the way.
To conclude my piece, TRON (TRX) may continue to fall in prices in the coming days but only due to the overall sentiments in the market. Once the Mainnet is launched, this will be the coin everyone will be talking about given its massive potential for development and its development team too. Tron is here to decentralize the web! Who knows, we might well see TRON pass the $1-mark before the end of the year.