49 days to go, before Tron (TRX) drops the ERC-20 tag.
The TRON Mainnet launch countdown has began and if there is anyone capable of hyping it up, then it should be the founder Justin Sun. A few days after sparking off a twitter storm with remarks about how TRON beat Ethereum, the recently graduated blockchain entrepreneur noted that his platform would give Ethereum a serious challenge.
TRON launched as an ERC-20 token on EVM, but after about six months it is moving off the Ethereum blockchain. In case you missed it, a little over a week ago, TRON launched their Testnet and promised to decentralize the web, in what we referenced as a march towards mission impossible.
Thus, TRON testnet has reportedly taken off to a flying start with a total of 2500 nodes located in 31 countries around the world. This expansion is a true reflection of what the platform has set out to achieve. With the market still grappling with a throttling downtrend, the rapid expansion complements the assertion that the vibrancy, with which Tron came onto the scene, will be steeled with a little groundedness.
As it moves towards the mainnet, the project has also revealed that they had refreshed there logo color. Many have speculated about the reason for choosing red, and consensus seems to be settling on the fact that it reflects TRON’s power, determination and desire to prosper. Nevertheless, there are a few who saw beyond the positives.
Well, the countdown is on and what remains to be seen is what game plan the recently graduated Sun has for TRON.
Meanwhile, let’s look at how Tron (TRX) performed in Q1 as Q2 proper begins with a bang.
TRX price movement in Q1 2018
Tron (TRX) has a daily trading volume of $311 million as of this writing; only Bitcoin, Ethereum, Tether, Ripple and the remarkable EOS have more.
It should be noted that between Jan 1st and March 31st, the TRX token had dropped -7.6% of its value against the USD, a marginal drop when cumulatively viewed. But how did this unfold? Here is a brief breakdown of TRON’s Q1 price movement.
TRX began the year trading at $0.0446 against the USD and had a market cap of $2.9 billion. By 5th Jan, the token hit its all-time high value of $0.3003 and a market cap of $13.7 billion, jumping 69%. This was after a slew of positive news involving the project. This included the Tron Dogs and a hype-like tweet about an upcoming partnership. Like with many other markets, the spike caught the eye of many and trading volumes increased, as fear of missing out gripped some investors.
But the market crash set in and TRX tanked, dropping to its all-time low by 18th March. Its market cap shrank to $1.8 billion with the token trading at $0.23 against the USD. Nevertheless, the token rebounded, driven more by the anticipation of having the Testnet launch and an announcement that TRX would be listed on OTCBTC.
This saw increased trading volumes and prices began to climb minimally to eventually reach $0.045 a day before the testnet. What happened next wasn’t expected, but it wasn’t surprising either. The value of TRX took a hit and dropped, probably fueled by large whales dumping their tokens on the market.
Off the trading floor, the platform looks poised to truly disrupt the internet space with its uncompromising determination to be the face of Internet 4.0. However, the value of its token TRX hasn’t been moving in the right direction, dipping immediately after the testnet launch. Even though it illustrated the classic case of “buy the rumors and sell the news” the drop has pulled the crypto into the red completely. Tron (TRX) is still 2.6% in the red against the US dollar.