The Tron price posted a double-digit percentage rally on Monday, as the much-hyped project moved within 10 days of its official mainnet launch.
The TRX token had entered the day trading close to $0.0685 on Bitfinex, after which it began a steady rally that quickly carried it past the $0.07 and $0.08 thresholds in quick succession. At one point, the Tron price rose as high as $0.084, though it has since experienced a slight pullback.
At present, the Tron price is trading at $0.0811, which represents a single-day gain of 11 percent and translates into a $5.4 billion market cap. This leap enabled it to advance to ninth in the market cap rankings, moving it past 10th-ranked IOTA.
Notably, TRX is the only top 10-cryptocurrency to make positive price movement over the past week, as every other coin in this group has declined by at least one percent.
The rally has correlated with strong trading volumes on South Korean exchanges, which tend to price coins at a slight premium relative to most other platforms. At present, TRX/KRW markets on Seoul-based Upbit and Bithumb account for 43 percent of the token’s $811 million in daily volume.
Interestingly, Tron’s largest non-fiat trading pair is BTC, which is somewhat odd given that TRX currently runs on the Ethereum blockchain.
The precise trigger for Tron’s single-day uptrend is not immediately clear, though it’s likely connected to the impending launch of the cryptocurrency’s mainnet.
Despite ranking in the top 10 in circulating market cap, the actual Tron network has not yet actually launched, and TRX is structured as an ERC-20 token. That should change on May 31, when the Tron mainnet is scheduled to launch.
Investors are understandably bullish that the mainnet launch will provide the token with short-term price appreciation. Its long-term prospects, however, will depend on the success of the project moving forward.
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Last modified: May 20, 2020 8:46 PM UTC