Ahead of the Tron (TRX) main net launch this Thursday, May 31st 2018, Tron (TRX) has once again topped the GitHub commits ranking. Did the good news translate to a higher TRX price? No. We look at the reasons for the lack of positive price hike and why you should buy and HODL TRX.
Tron’s recent and upcoming news
- Tron ranks first on GitHub commits
This week on Tuesday, Tron Protocol was once again ranked the top blockchain in number of commits submitted on GitHub. TokenInsight, the company behind the rankings, released a list of the top 10 tokens with the highest 7-day GitHub commits ranking. The Tron protocol had a total of 169 commits beating Zeusshield (ZSC) and Eos (EOS) who ranked 2nd and 3rd with a total of 117 and 108 commits respectively.
Commits on GitHub are not heavily used to predict anything on the token but helps a lot in knowing how popular a token is amongst the cryptocurrency communities. These commits show the number of updates made on the platform with GitHub showing how much code is added or deleted on the platform. However, the changes made are sometimes not as meaningful making the stats for commits irrelevant in influencing price of token.
- Tron mainnet launch in 2 days
Since the announcement was confirmed earlier this year that the Tron mainnet will be launched in Q2 2018, a buzz of excitement has been growing amongst the crypto community. The mainnet is set to launch 2 days from now, as they leave the Ethereum network to their own network.
The mainnet is expected to spur the overall growth and adoption of TRX with the improvements set to take place once they’ve migrated.
- Tron’s Partnership with Bittorrent
Various unconfirmed sources report of the imminent partnership between Tron and Bittorrent. This started off late last year when a corporate decision to change the name of Bittorrent to Rainberry was passed secretly. Reports later showed that Justin Sun was filing a lawsuit against Rainberry for breaching a ‘No Shop’ clause in their letter of intent. The case was later dismissed but recent reports emerging from Torrentfreak.com, a blog dedicated to Rainberry, indicate Justin is on the move to acquire Rainberry Inc. Interesting times ahead.
Time to buy, sell or HODL?
The question remains, will TRX make it to the top 6 largest coin in 2018? Will the TRX coin breach the $1 mark? We look at the cases to buy and HODL TRX in the coming days. We also try to explain what reasons would cause a sell off of TRX in future.
The cryptocurrency market is heavily beat down at the moment. TRX on it part is trading at $0.058 per token, representing a 12% daily loss against the USD. The low price offers a discount to buy for most investors before the mainnet launch. TRX price is expected to rise in the coming days as the whole market is set to rebound to optimum levels before the end of Q2 2018.
Cryptocurrencies are created to allow ease of the transfer of value/things from one point to another. TRX mainnet is aiming at improving the overall system of transfer by reducing cost, increasing speed and dealing with scalability issues present in current blockchain systems.
The mainnet launch may well be the biggest reason for anyone who wishes to hold on to TRX. With the blockchain offers faster transaction speeds, high scalability and almost zero costs in fees most dApps created on Ethereum will choose to migrate to TRX. This increases your case of use of TRX in the real world.
The current market moves in almost total positive correlation making it hard for any coin/token to move against it. A bullish momentum in Bitcoin especially causes an overall effect on the market. The coin has lost over $6 billion in market value in the last 48 hours causing panic amongst investors and enthusiasts. The current total market capitalization is only $4 billion USD above the $300 billion mark and signs of a massive selloff look imminent if the psychological barrier is crossed. This may well reflect on the price of TRX too.
Filling up will TRX at this moment looks positive in that the market may well re-bounce from the declining spiral causing TRX to gain even more with the launch of the mainnet. The consistent top ranking on GitHub commits also will have an influence in pushing TRX price up. However, the danger of a drop in the market cap below $300 billion should be a cause of concern to any crypto holders, including TRX.