Tron performs better than most of the altcoins today as $30 million worth of TRC20-USDT tokens entered the market. Let’s check on the price analysis in the TRX Tron news today.
The recent spike in price brings the total amount of Tether circulating on Tron’s network up to 450 million and this is called the ‘Tether Effect.’ It’s not a secret that the Tron founder Justin Sun aims to surpass Ethereum as the leading smart contract platform in the world but he is a little bit far off from doing so. The first step for the developers was to create their own standard which is the TRC-20.
Sun announced a partnership with Poloniex as well and urged the users to convert their ethereum based USDT tokens into Tron based ones. There has been a lot of activity for the cryptocurrency today and it appears that a number of exchanges are doing the same thing. The Tether printers have been fired up again and the fresh tokens are being sent to exchanges in order to provide support for the TRC-20 based USDT.
Poloniex is not the only exchange that has started using Tron’s standard. It appears that the Tether printers are sending some tokens as well into exchanges such as Huobi and Bitfinex according to the Whale Alert twitter account. In the last few hours, there were approximately $40 million in USDT sent to Bitfinex while $30 million was sent to Huobi.
It seems like Tron performs better since a few hours ago the Tron Foundation tweeted that there was now 450 million Tether issued TRC-20 tokens in circulation. The TRX prices have increased by 5.5 percent today though in the grand scheme of things they are still laying flat alongside most of the other altcoins. About a quarter of the volume at the moment is on two obscure exchanges: Biki and HCoin.
In terms of the dollar, TRON prices are down by more than 20 percent this year. Today, TRX is trading at $0.015 down more than 93 percent from the all-time high spike. Tether in the meantime flipped Bitcoin Cash in terms of market cap since now it is standing at $4.1 billion according to Coinmarketcap.com. This year, the USDT supply has doubled as the printers worked overtime.
Steemit Migrates To Tron’s Blockchain After New Partnership
‘’TRON and Steemit’s development teams will immediately begin working together to bring Steemit and other Steem blockchain based DApps to TRON blockchain and its community of over 20 million users, products, and services.’’Steem’s main blogging app and the Steem token will move to the TRON blockchain in the future and all of the dapps will be able to move to TRON as well. However, it is not clear whether this migration will be voluntary or whether the Steem blockchain will continue to exist in the current form. The news also marks a huge shift in the image of the platform since Steemit was created by Dan Larimer who is the creator of EOS. EOS and Steemit were never related but they were kind of related in public perception which is that it could change if TRON manages to reshape Steem’s image. Steem has a lot to offer and it is best known for its crypto-incentivized blogging app and it supports several other popular dapps as well. The most notable Dapp includes the YouTube-like video sharing platform Dtube, the similar Instagram-like photo-sharing app APPICS and the Steem Monsters trading game. Assuming that the dapp of Steemit migrates to TRON, the partnership will add more than 100 Dapps to the current list of TRON of 700 dapps. It will also add 1 million users to the TRON network with more than 20 million current users and each platform’s daily active user count is lower in practice. TRON also aims to take an active role in the adoption and it will carry out a Steem token giveaway to gain more users and will offer a speedup program to encourage Dapp development. TRON has built its brand by acquiring other high-profile projects, and it acquired BitTorrent in 2018 which led to the creation of the BitTorrent token and a few other projects. The TRON creator Justin Sun was a part of the investors' group that purchased a stake in Poloniex in 2019. Poloniex listed TRON on its exchange and it acquired one of TRON’s own exchanges. TRON’s Steemit acquisition has been underway for a period of time, and the community started to speculate about this possibility in December when Sun hinted a new acquisition.
Tron Doesn’t Have Its Own DeFi Apps, Is It Really The ETH Killer?
TRON Grows On Gambling Dapps And Ethereum On Gaming
"While [Ethereum and Tron] are increasing in 2020 January in comparison to 2019 January, EOS is facing a decrease in daily active users by 61%.’’According to their reports that we now have in our tron news, the firm looked into these blockchains, outlining that the performances of these blockchains can give a clue on the dapp ecosystem's direction and what can be expected this year. While Ethereum did see its bigger growth, TRON grows in its daily active user category. The Justin Sun network was stuck with gambling and high risks dapps and is failing to expand outside this field while EOS is getting dragged down by the network congestion because of the launch of the EIDOS token which was ‘’ a mischevious experiment gone wrong, at worst an aggressive DDOS attack.’’ The daily active unique wallets for TRON increased by more than 33 percent compared to last year and the user base increased by 8 percent only in January, reaching more than 20,000 users. However, the steady increase in active wallets is seen in only one category. TRON has more than 2,600 daily active unique wallets which were followed by RocketGame and WINk. The numbers were dropping in some other categories such as the Games and Marketplaces but also Exchanges:
"Tron as a maturing dapp ecosystem is still failing to expand outside of gambling and high-risk dapps.’’The daily active unique wallets increased by 82 percent between 2019 and 2020 and the number was going from 9,264 to a 30-day trailing average of about 17,000 users on Ethereum. The number of users in the games and marketplaces category, increased by 162 percent since the start of 2019 while My Crypto Heroes is the most popular game. There are other new games that benefit from the large community such as Brave Frontier Heroes. Speaking about the DeFi (decentralized finance) the Tron news reports show that the average daily active unique wallets, increased by 7 percent mainly in the second half of the month, reaching a few 1,400 users. The Exchanges category increased by more than 10 percent in January.
TRON Wakes Up, Now At $0.22 As Bulls Gain Momentum
"Buy my shitcoin."The video sparked plenty of controversy and outrage in the Tron crypto community and the cryptocurrency news on Twitter. However, the backlash now shows that Tron wakes up after it and is posting gains even though cryptocurrencies are very vulnerable to statements like these. However, McCormack ended everything by repeating Sun's words and firing back - in what many see as a marketing strategy to give Tron's token more popularity and spur an influx into Tron's coffers. Some traders even thought that this was pubic promotion of the podcast that McCormack is hosting.
“Tron is a shitcoin. Justin is not coming to the show. He hasn’t leased me a private jet. He has admitted on camera that his protocol is shit. The goal has been achieved,” was the original Twitter post by the podcast host.Today, the Tron news show that TRX jumped above $0.2200 and is safe at this point after trading at a new high against the US dollar at $0.2370. Tron wakes up and there is a major contracting triangle forming with resistance near $0.2200 on the 4-hour chart. If the trend sustains, we can see clearing the $0.2370 levels again.
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