So far, TRON has regained by averagely 51% of its worth since the August decline. However, it is still ranked miles behind its major opponents. The invention of the Tron Virtual Machine (TVM) at the beginning of September 2018 did not positively influence the value of TRX coin, and despite enjoying a good public eye because of hitting the news constantly, the wide exposure eventually has not reinforced the value of TRX.
Analysis of the Recent TRX Price
Currently, TRX has declined by 48%, from $0.049 to $0.0254 for the previous four weeks. Truly speaking, Bitcoin and Ethereum are far off in terms of value, hence it won’t be practical to compare them with TRX. Ethereum depreciated by 26% in the last four weeks, with one Ethereum valued at $385 at the beginning of August 2018. This implies that despite the struggles, ETH is currently regaining by nearly two times the rate of TRX.
TRX’s Transaction Volume
The recent set of TRX analysis has emphasized on comparing TRX to its giant rivals which are very wrong. Justin Sun’s tweet on early September sums up this claim:
“#TRX started August with only 30,000 transactions a day. By the end of the month the avg. # of daily transactions was nearly 1/3 that of #ETH. #TRON is the fastest coin, this rocket ain’t stopping for anyone.”
Besides, on 5th September 2018 Sun highlighted that Tron Mainnet accounts have exceeded those of EOS- a competitor with a larger market cap compared to Tron.
Regarding sign-ups to the Mainnet, I strongly agree with Sun that TRX is the fastest growing coin. The rise in business transactions might have been driven by the latest launch of the crypto-twitter strategy, SeedIt, that even caught the eye of the Pope. Nevertheless, transaction numbers do not directly translate into the market growth of the coin. Dogecoin is the best example to illustrate that.
Therefore, the value of TRX will not ascend to its best hit ever as Sun suggests.
