Tron has been defying the crypto crash as of late while the prices of the biggest cryptocurrencies keep on faltering so let’s see how that is the case in today’s latest Tron news.
When the price of BTC dropped from $40,000 to $30,000 in a week, every other coin entered the bloodbath as well. However, one coin was defying the odds and it was Tron. Of all of the cryptos in the top 50 in the marekt cap, it was only Tron whose price was up for both the past day and the past week. It registered a 3.6% and 11.5% increase during the timeframes. To be sure, TRX as the native coin of the smart contract blockchain Tron had a fallout with the rest of the market on Monday and vacillated from a high of $0.09 to a low of $0.08. what it didn’t have was the meltdown on the weakened which got too many coins and the low yesterday was actually its highest floor price since December.
Bitcoin and Ethereum and almost every other major stock posted double-digit percentage losses, TRX is up for the year by 8%. since its inception, Tron has been defying the odds and was a recipient of good news. The creator Justin Sun was accused of plagiarizing the ETH whitepaper and had a few public spats with ETH creator Vitalik Buterin. Sun also attracted negative press over the purchase and management of Poloniex and BitTorrent. Sun’s publicity got in the spotlight after buying a seat on Jeff Bezos’ rocket into space, having dinner with Warren Buffet, and urging the Ukrainian governemnt for a crypto airdrop to Tron users, only making sure to keep him in the public eye.
Tron’s price remained buoyant for a few reasons like announcing the plans in April for a new algorithmic stablecoin and reserves similar to the Terra network however, given the collapse of Terra’s UST peg, the news hasn’t aged well. Tron’s use of the Tether stable coin was a good play so there’s more USDT on Tron than there is on Ethereum as per the data on CoinMetrics. This only adds utility to the network’s decentralized applications which are betting heavily on gambling apps, asset swaps, and derivatives trading. Tron is now the 17th biggest crypto asset with a market cap of $8 billion.
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