Tron Extends Sell-off, Sheds More Than 10% Despite Having Optimistic Fundamentals

Crypto Market Frenzy: Bitcoin, Ethereum, Litecoin, XRP, and Tron Prices Take A Deeper Dive

Justin Sun’s Tron (TRX) has been underperforming for the better part of August. TRX’s June high of $0.04 remains a mirage. As if that wasn’t enough, TRX was ousted from the top 10 cryptocurrencies. At press time, TRX stands as the 14th largest crypto by market cap and is exchanging hands at $0.015326 with 12.01% losses in the last 24-hour period, as per CoinMarketCap

Nonetheless, Justin is actively carrying on with his vision of having Tron (TRX) Listed on more cryptocurrency exchange platforms – Uphold being the most recent. Uphold exchange publicized the great news of Tron (TRX) getting listed on their platform on August 28. Be that as it may, this has not had any positive impact on TRX’s price as it has succumbed to the market-wide downward correction.

Tron (TRX) Lands The First Spot On Uphold Exchange

The UK-based cryptocurrency exchange announced its plans to expand its token offering by listing 15 new cryptocurrencies. TRX was the first on the list and according to a blog post by Uphold, the firm will reward $50 worth of crypto to anyone who makes a right guess on their next crypto listings in their 15-day crypto countdown challenge. 

This new listing by Uphold also includes an incentive of 24 hours of zero exchange fees. Notably, this challenge will not be applicable in countries with strict crypto regulations like the United States and China.

TRX listing on Uphold is great news for the Tron community- presumably because historically prices tend to surge, accompanied by increased trading volumes after a new listing. Tron founder Justin Sun expressed his excitement on Twitter following this remarkable feat.

In parallel, Sun promised earlier this month to redouble his efforts to have Tron (TRX) listed on a major US-based crypto exchange like Coinbase. He explained that it was their “#1 priority”. This is yet to materialize.

Compared To ETH, Tron’s Performance So Far Is Astounding – Mike McCarthy

InfoSec Manager and Tron and BitTorrent enthusiast Mike McCarthy took to Twitter yesterday to give an extensive outline of the performance of Tron and ETH over their years of existence. According to Mike, Tron carried the day on many aspects.

 

  • Daily transactions on both blockchains

 

Tron is only 430 days old but its daily transactions have grown exponentially compared to Ethereum. ETH’s daily transactions seem to be plateauing.

 

  • The cumulative sum of daily transactions

 

McCarthy then uses this metric to compare Tron and Ethereum; saying it’s an important metric to determine “the amount of work a blockchain has done”. Tron has processed more transactions than Ethereum within a short duration. Additionally, Tron’s cumulative transaction rate has increased by 2 to 3 times that of Ethereum.

 

  • Percentage of active addresses on both Tron and Ethereum

 

McCarthy notes that Ethereum blockchain registers more addresses per day but Tron has a higher percentage of active addresses. He adds that Ethereum has 3.5 times more active addresses compared to Tron but still has fewer dApp users.

 

  • DApp growth

 

As per McCarthy, Tron outshines Ethereum on this one as well.

McCarthy concludes his tweet thread by saying:

“The weekly ETH/TRON chats speak for themselves but I will say this:

TRON has more users, transactions and transaction volume than Ethereum

The number of active smart contracts is proportional to number of active dApps.”

Despite these optimistic fundamentals, there has been a mass exodus of investors from Tron (TRX) due to its continuous bearish price action and possibly due to the fact that its founder has been laden with controversies in recent months. The current pullback seems to be creating more pockets of untested demand and therefore short-term bias remains bearish.

On the flip side, Tron has added a new listing to its arsenal!

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