After a long battle with the bear, the crypto market has been trying to lift itself from its bearish slump. HODLers of major coins such as Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] are waiting for a bullish breakout to happen very soon.
It was revealed on 25th October, that the price support of Tron was broken multiple times, which led to a lot of panic among the TRONics. A good number of members of the crypto community have been taken aback by the drop in Tron’s price, most especially since it was announced that in terms of daily transactions, Tron had overtaken Ethereum [ETH]. Cryptocurrency enthusiast , RickSancho on Twitter said that: “What the hell man! There is a reason why HODL trx and this is definitely not it!”
The fall of Tron [TRX]’s comes after Justin Sun (Tron Foundation’s CEO and Founder), praised Changpeng Zhao (Binance’s CEO) after the launching his charity initiative, Binance Charity Foundation [BCF]. $3 million was even donated by Sun to the project, succeeding which CZ had said that: “Moving money to deal with social problems is also another way to increase adoption. The sheer number of people who have donated to the BCF is also amazing, and I would like to thank Justin Sun who donated $3 million to this cause.”
The organization of Justin Sun had also announced some positive news, when they said that TRON’s Mainnet accounts had surpassed 500,000 with an average growth rate of 100,000 on 17th October. Sun had tweeted: “As of October 17th, 19:00(SGT), #TRON mainnet accounts surpassed 500K, the growth speed remains 100K per month, since TRON mainnet was launched less than four months. Go #TRON. #TRX $TRX.”
The Constant development of TRON (TRX)
Tron’s development has been fascinating to witness as it has well registered itself as a true contender against leading cryptocurrencies like Bitcoin, Ethereum, and XRP which without a doubt cannot neglect its presence in the digital currency industry.
Since the end of May when its MainNet launched and all its systems were given the go ahead, the progress is flawlessly visible as several promises made by its founder Justin Sun were fulfilled.
On October 26th, it was reported that TRON’s daily transaction volume has surpassed that of Bitcoin’s, Ethereum’s and XRP’s. Misha Lederma tweeted that: TRON’s Daily Transactions vs Top 3 Cryptos on Oct 24:#TRON $TRX: 795,834 Txs #Bitcoin $BTC: 254,091 Txs#Ethereum $ETH: 532,709 Txs#Ripple $XRP: 389,701 Txs . #TRX MainNet celebrating 4 months today since it went live on June 25 🎇TRON – Your House of DApps#IAmDecentralized.”
Its support of the community is directly reflected by TRX/USD side as it is the only attempt to overcome the declining trend of bears having their say throughout the whole market.
Today’s trading concluded the weekly triangle formed by the declining trend and the supportive TRX ground with a break above which might have brought in more buyers as the weekend starts.
TRONix (TRX) is TRON’s official cryptocurrency. It aims to be a decentralized content sharing platform, giving creators as well as consumers the power. They are targeting the digital entertainment industry, valued at around 1 trillion dollars yearly.
