A bright patch in a dark tunnel or a silver lining on a dark cloud, Tron’s price movements in the last 30 days or so should bring back hope of another bullish trend to the crypto followers.
An article on Bloomberg described Tron’s progress as “[rekindling] memories of the bitcoin bubble” making reference to the bull ride of 2017 which brought bitcoin and other cryptocurrencies to the light.
The Impact of Founder Justin Sun
The Tron [TRX] project is driven majorly by its enigmatic founder and CEO Justin Sun. The 28 years old pioneer is known for his aggressive marketing tactics and ubiquitous presence on social media. But there is more to Sun.
Before Tron, Sun founded Peiwo, the popular Chinese social media app very similar to Snapchat. He decided to enter the crypto industry after he had successfully grown the social app to several million users.
A self-proclaimed protégé of Chines billionaire Jack Ma, Sun has a strong passion and drive which he has applied to building the Tron project since it raised $70 million in an ICO in 2017. “We want to become the most famous brand in the world,” Sun told Bloomberg adding:
“The first cryptocurrency they will think of is Tron.”
Sun was bound to make some powerful enemies in his quest to promote Tron as a superior alternative to its predecessors like Bitcoin and Ethereum. One of those is Vitalik Buterin, the co-founder of Ethereum and one of the most influential figure in the crypto space. In one of their bitter episodes, Vitalik claimed that Sun and the Tron team were using a plagiarized whitepaper for the project. Sun, on his part, has used any opportunity to declare that his network trumps Ethereum in transaction speed and volume of transactions it can handle. As Smartereum reported, Sun beckoned on Ethereum developers to dump the network and start developing on the Tron blockchain.
His out-and-out methods may be questioned by some sections of the cryptocurrency community, one thing for sure is that his results are not.
Tron has proven to be more than a Marketing Hype
Tron is a relatively new entrant into the crypto market but at the moment it seems to have cemented its place among the top 10 coins ranked according to the market capitalization.
According to Ryan Selkis, chief executive officer at researcher Messari Inc., “It’s been wild to watch,” Tron’s meteoric rise.
In a statement to Bloomberg, Ryan explains:
“A lot of people wrote off Tron as all hype/marketing and no substance, but they made a lot of noise with the BitTorrent acquisition, and now I think it’s an open question of whether they will be one of crypto’s most high profile ‘fake it till you make it’ success stories.”
As of today, Tronix [TRX] has a market cap of over $1.67 billion. In the downtrend of 2018, the cryptocurrency fell with the rest of the crypto market but in the last month it has shown a recovery reminiscent of the crypto boom at its peak.
The BitTorrent Genius
The cryptocurrency community went agog when Tron announced its acquisition of BitTorrent, a peer to peer file sharing network with over 100 million users. The $120 million is turning out to be a class act by Justin Sun and his as they plan to expand the number of cryptocurrency users via BitTorent. According to Justin Knoll, the head of the BitTorrent token project, “The goal is to turn BitTorrent’s 100 million monthly users into users of cryptocurrency.”
He explained that the introduction of the BitTorrent Token [BTT] holds a lot of promise for the cryptocurrency space at large. “At first BTT could be used to speed up downloads of movies and tip performers, but eventually for other things, like paying for file storage.”
Tron also have working agreements with top corporate client base including Oracle Corp. and Swisscom which could further expand its user base.
Tron [TRX] Price Analysis
Tronix [TRX] is leading the top 10 cryptocurrencies in a slight recovery with a 24-hour growth of 2 percent. It maintains the 8th position on the cryptocurrency rankings by CoinMarketCap with a market cap of $1.67 billion and a unit price of $0.025 USD.