What's next for Tron?
Key Takeaways
The Tron blockchain has performed well in 2023 so far. Although it recently experienced a downturn, it has shown resilience to make a recovery.
Back in July, Tron announced it had reached its 170 millionth account. After that, the news that the blockchain was to support its first ever Real World Asset (RWA), stUSD, generated more interest in the platform.
The announcements came after the coin struggled in June. The news that it was available through the Ethereum (ETH) blockchain was negated by it facing legal action from the United States Securities and Exchange Commission (SEC) over claims of fraud.
Tron founder Justin Sun’s tweet that the platform had used a bridge from the BitTorrent network to gain access to Ethereum’s features and decentralized applications (DApps) could also potentially attract new investors.
But what is Tron (TRX)? How does Tron work? What is Tron used for? Let’s take a look and see if we can answer those questions, and also examine some of the Tron price predictions that were being made as of September 7 2023.
Let’s examine some of the Tron price predictions being made on September 7 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
2023 | 2025 | 2030 | |
---|---|---|---|
Prediction #1 | $0.16 | $0.26 | $0.80 |
Prediction #2 | $0.055 | $0.1626 | $0 |
Prediction #3 | $0.091 | $0.19 | $1.25 |
First, CoinCodex had a rather mixed short-term Tron price prediction for 2023. The site said the coin would fall over the next week or so, reaching $0.0694 by September 12. It then argued it would make a recovery to $0.0881 by October 7.
The site’s technical analysis was highly bullish, with 26 indicators sending upbeat signals against just three making bearish ones.
DigitalCoinPrice said Tron would reach $0.16 this year. CaptainAltCoin thought TRX would drop to $0.055 in December. Meanwhile, PricePrediction.net argued the coin would trade at $0.091 this year.
Moving forward, CaptainAltCoin thought Tron could reach $0.1626. PricePrediction.net had TRX trading at $0.19, and DigitalCoinPrice said it would be worth $0.26 in two years time.
Moving forward to a more long-term Tron price prediction, PricePrediction.net thought it could climb to $1.25 in 2030. DigitalCoinPrice thought it would stand at $0.80. CaptainAltCoin, however, only saw disaster for the coin. It made a TRX price prediction that said the crypto would drop to $0 by the start of the next decade, becoming a worthless de facto deadcoin.
Blockchain analytics company Messari recently released their quarterly report on Tron, in which they highlighted growing numbers across daily active users, transactions, and revenue. Messari also outlined some key advantages and disadvantages of the Justin Sun-created blockchain.
Messari’s quarterly report says that Tron
Messari’s quarterly report also says that Tron
Let’s now take a quick look at the Tron price history . While past performance should never be taken as an indicator of future results, knowing what TRX has done in the past can help give us some context when it comes to either making or interpreting a Tron price prediction.
When TRX first launched in the autumn of 2017, it was worth about $0.0018. The token hit what is still an all-time high of $0.3004 on January 5 2018, with the crypto bubble of late 2017 and early 2018 lifting its price. Despite the move to its own blockchain, TRX was never able to hit those heights again and it spent much of the next three years hovering between $0.01 and $0.03.
Things changed when the crypto market went through a bull run in 2021, with the price of TRX breaking past $0.10 in April that year before dropping down over the summer and recovering in the autumn. By the end of the year, though, it was back below $0.10. 2022 was not a good year, either for TRON or for crypto in general. A series of market crashes, including the collapse of the Terra (LUNA) blockchain and the FTX (FTT) exchange’s bankruptcy, saw it spend the entire year below $0.10.
So far, 2023 has been a more encouraging year for crypto. Not even the news that the SEC had launched a lawsuit against Sun, the Tron Foundation, two other companies associated with Sun, and eight celebrities over what it described as the “illegal touting” of assets could stop the crypto from making something of a recovery. The coin broke past the $0.08 mark for the first time in nearly a year on 2 June, boosted by the excitement surrounding Tron’s link to Ethereum.
After this, though, the news that the SEC was suing Binance and Coinbase, and that it considered TRX to be an unregistered security, hit the price of Tron. When Crypto.com (CRO) announced it was suspending its American institutional arm on June 10, TRX fell to $0.06527.
After that, it recovered. On July 22, Tron peaked at $0.09317. It fell again and, on August 18 it was worth $0.07207. This price came at a time when the market slumped following the news that Elon Musk’s SpaceX had offloaded millions of dollars worth of Bitcoin (BTC).
Since then, though, TRX has risen again. On September 7 2023, the coin was worth about $0.079.
At that time, there were 89,270,277,325 TRX in circulation out of a total supply of 89,270,307,545. This gave the coin a market cap of about $7 billion, making it the 10th largest crypto by that metric.
Tron aims to create a blockchain space where creators can sell their work directly to customers. With the news that it has built a bridge to Ethereum, there is a lot of interest in it.
The fact that it has made a recent recovery is also encouraging.
However, we need to point some things out. Despite it being one of the larger cryptos, there have been times when its price and price movements have lagged behind some of its rivals, such as ETH.
The prospect of SEC suing Sun has the potential to end badly.
As ever, it is vital to do your own research before deciding whether or not to invest in TRX.
No one can really say right now. While the likes of DigitalCoinPrice are optimistic about Tron’s future performance, sites such as CaptainAltCoin are far more bearish. Keep in mind that price predictions very often turn out to be wrong, and that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Tron, you will need to do your own research, not only on TRX, but also on other crypto coins, such as Solana (SOL) and Cardano (ADA). Ultimately, though, you will need to make this decision for yourself, but you should also to make sure you never invest more money than you can afford to lose.
Tron’s user documentation says: “TRON is an open-source public blockchain platform that supports smart contracts. TRON is compatible with Ethereum, which means that you can migrate smart contracts on Ethereum to TRON directly or with minor modifications. TRON relies on a unique consensus mechanism to realize the high TPS of the TRON network that is far beyond Ethereum, bringing developers a good experience of a faster transaction.”
It says Tron uses a Proof-of-Work consensus mechanism. This means people have to solve increasingly complex mathematical equations to verify transactions and add blocks to the blockchain. It also says that people need to pay for the energy they consume on the network.
Blockchain expert Justin Sun founded Tron in 2017. Sun, who had previously served as the chief representative for the Ripple (XRP) crypto in the Greater China region, wanted to create an entertainment blockchain. The Tron platform came out in 2018.
It first got proper attention outside of the world of cryptocurrency later that year, when it announced it would purchase the BitTorrent file-sharing site. The Tron Foundation wound down in the summer of 2021. A Decentralized Autonomous Organization (DAO) to help run the system launched later that year.
The blockchain network hosts DApps (digital applications). These allow creators the option to avoid having to work with major technology companies, such as Amazon and Google.
The Tron coin, known by its ticker handle TRX, supports the Tron blockchain.
It has three separate layers, one for applications, one for storage and a core layer. The core layer includes modules for account management and smart contracts, computer programs that automatically execute when certain conditions are met.
Tron uses a form of Proof-of-Stake (PoS) consensus mechanism. This sees 27 super representatives (SRs) place blocks on the blockchain and earn TRX crypto as a reward. TRX holders are able to freeze their accounts every six hours and vote on a new set of SRs. Tron adds blocks every three seconds, and each block rewards an SR with 32 TRX. The platform’s coin pays for hosting fees on the platform. People can also buy, sell and trade it on exchanges. It is worth noting that it was first launched as a token on Ethereum before becoming a coin in its own right in 2018.
It might do, but not for some time. PricePrediction.net has it break past the dollar in 2030 and DigitalCoinPrice thinks it will happen the following year.
Tron has never traded at $1. Its highest ever price, $0.3004, came on January 5 2018.
The TRX coin supports the Tron blockchain. People can also buy, sell, and trade TRX on exchanges.
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