Tron Price Prediction 2024: Can TRX Build on Strong 2023?

Key Takeaways

• Tron’s TRX coin had a good year in 2023, recovering from a series of market crashes.
• Tron got both its 200 millionth account and its first ever real world asset last year.
• The news came as something of a relief following claims of fraud and the SEC saying it was an unregistered security.
• One Tron price prediction says TRX can reach $0.26 in 2025.

The Tron blockchain performed well in 2023, nearly doubling across the course of the year.

The news came as reports suggested that user activity had fallen, despite a growth in total value locked (TVL)

In December Tron announced  it had reached its 200 millionth account. Earlier in the year, 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.

In November, Tron announced  that it had a record $19.2 billion locked in its DeFi protocols.

On January 25, 2024, TRX was worth about $0.111.

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 January 25, 2024. 

Tron Coin Price Prediction

Let’s examine some of the Tron price predictions being made on January 25 2024. 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.

First, CoinCodex  had a short-term Tron price prediction that said the coin would fall over the next week or so, reaching $0.0948 by January 30. It then argued TRX would make a recovery to $0.1154 by February 24.

The site’s technical analysis was bullish, with 25 indicators sending positive signals and just four making bearish ones. 

Tron Price Prediction for 2024

DigitalCoinPrice  said Tron would reach $0.22 this year.  CaptainAltCoin  thought TRX would reach $0.1308 in December. Meanwhile, PricePrediction.net  argued the coin would trade at $0.1626 in 2024.

Tron Price Prediction for 2025

Moving forward, CaptainAltCoin thought Tron could reach $0.212 in 2025. PricePrediction.net had TRX trading at $0.248, and DigitalCoinPrice said it would be worth $0.26 next year.

Tron Price Prediction for 2030

Moving forward to a more long-term Tron price prediction, PricePrediction.net thought it could climb to $1.39 in 2030. DigitalCoinPrice thought it would stand at $1.05. 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.

Google BardAI Price Prediction for Tron (as of January 25)

Google’s BardAI platform gave the following price prediction for Tron on January 25. Please remember that price predictions are very often wrong and that artificial intelligence should not be trusted. For instance, it implies that the SUN platform is new, when it has been around for a number of years now. 

Short-term (3-6 months):

• Potential range: $0.08 – $0.12
• Reasons:
  • Market sentiment: Overall crypto market trends will play a significant role. A bull run could push TRX towards $0.12, while a correction might bring it down to $0.08.
  • Tron ecosystem growth: Increased adoption of dApps, DeFi projects, and user activity on the Tron network could boost demand for TRX.
  • Competition from other Layer 1 platforms: Performance of competitors like Ethereum (ETH), Solana, and Avalanche (AVAX) could influence TRX’s relative value.

Medium-term (6-12 months):

• Potential range: $0.10 – $0.15
• Reasons:
  • Technological advancements: Successful implementation of planned upgrades like the SUN Network and improved scalability features could enhance Tron’s appeal and attract users.
  • Focus on real-world adoption: Partnerships and initiatives connecting Tron with the mainstream economy and real-world use cases could drive demand for TRX.
  • Increased institutional interest: If Tron manages to attract more institutional investors, it could lead to greater liquidity and a potential price increase.

Long-term (12 months +):

• Potential range: $0.15 – $0.50+ (Highly speculative)
• Reasons:
  • Widespread adoption of blockchain technology: If blockchain becomes widely used for various applications, Tron with its large user base and established ecosystem could experience significant growth and token appreciation.
  • Success of the DeFi ecosystem: If Tron manages to establish itself as a major player in decentralized finance, TRX could benefit from increased demand and utility.
  • Unforeseen events: Regulatory changes, technological breakthroughs, or major partnerships could dramatically impact Tron’s price, potentially pushing it much higher.

Additional factors to consider:

• Team and development activity: Consistent development, successful project launches, and a strong team can inspire confidence and attract investors.
• Community engagement and ecosystem growth: A vibrant and engaged community with a growing ecosystem of dApps and projects can contribute to long-term success and TRX’s value.
• Regulatory landscape: Potential changes in regulations affecting blockchain technology or digital assets could impact Tron’s growth and price.

It added: “Remember, these are just speculative scenarios based on available information. The cryptocurrency market is highly volatile, and unexpected events can significantly impact price movements. Always conduct your own research and understand the risks before making any investment decisions.”

Advantages and Disadvantages of Tron

Blockchain analytics company Messari recently released their quarterly report  on Tron, in which they highlighted growing market cap and revenue. Messari also outlined some key advantages and disadvantages of the Justin Sun-created blockchain.

Messari said that, between October and December 2023, Tron had:

• 1.5 million average active daily addresses, down from 1.7 million year-on-year but steady from 1.5 million quarter-on-quarter.
• 4.9 million average daily transactions, down year-on-year from 6.5 million and down quarter-on-quarter from five million.
• An average market cap of $9.4 billion, up from $5 billion year-on-year and $7.5 billion quarter-on-quarter.
• Total revenue of $119.3 million, up from $48.1 million year-on-year and $104.8 quarter-on-quarter.

Advantages of Tron

Messari’s quarterly report says that Tron

• Had a strong collection of stablecoins.
• Saw its total value locked (TVL) in decentralized finance (DeFi) platforms on the blockchain grow throughout the quarter.
• Was one of the most successful blockchains in 2023 when it came to generating network fees.

Disadvantages of Tron

Messari’s quarterly report also says that Tron

• Saw new users fall slightly over the quarter.
• Had only 27 people securing the network.
• Does not have an official roadmap of where it wants to go. However, it makes announcements on a regular basis.

TRX Price History

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 and closed it at $0.0545. 

Tron in 2023 and 2024

2023 was 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).

Following that, though, TRX rose again. On November 10, it was worth $0.1115, its highest price in two years. Tron closed the year at $0.1077, representing a year-on-year increase of more than 95%.

So far, 2024 has been reasonably good. By January 25, 2024, Tron was worth about $0.111.

At that time, there were 88,170,944,430 TRX in circulation out of a total supply of 88,170,999,494. This gave the coin a market cap of about $9.8 billion, making it the 11th largest crypto by that metric. 

Tron Price Analysis

TRX started going up in November 2022, when it traded at around $0.05. On January 13, 2024, it peaked at nearly $0.12, marking an overall increase of 150%. 

This recent high is only 5% above its previous on November 11, 2023, of $0.11, displaying weakness moving forward. It looks like this uptrend is coming to a close, but it could climb again soon. 

There are two possibilities ahead. On one hand, we could see an immediate downturn resulting in a significant drop. On the other hand, TRX could reach a high of $0.125 before this decline starts. 

The second scenario looks more likely because it looks like TRX is bouncing from its support level. However, in both cases, a larger downtrend would be expected, with Tron potentially dropping to $0.08.

Is Tron a Good Investment?

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. 

Will Tron Go Up or Down?

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. 

Should I Invest in Tron?

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. 

Who is the Founder of Tron?

Blockchain expert Justin Sun  founded Tron in 2017. Sun had previously served as the chief representative for the Ripple (XRP) crypto in the Greater China region. 

Who Owns the Most Tron (TRX)?

On January 25, 2023, one wallet owned more than 12% of the supply of Tron.

Richest TRX Wallet Addresses

On January 25, 2024, the wallets with the most Tron were

• TNUC9Qb1rRpS5CbWLmNMxXBjyFoydXjWFR. This wallet held 12,357,479,232 TRX, or 12.13% of the supply.
• TNMcQVGPzqH9ZfMCSY4PNrukevtDgp24dK. This wallet held 8,997,562,048 TRX, or 8.83% of the supply.
• TWnHGFEjgrJpHXPiPnddPtdCwKGMwpxK8T. This wallet held 1,970,403,628 TRX, or 1.93% of the supply.
• TT2T17KZhoDu47i2E4FWxfG79zdkEWkU9N. This wallet held 1,562,763,896 TRX, or 1.53% of the supply.
• TXjbXLdJ5LHYd23rYhddoZXffi3PJUtw5R. This wallet held 1,382,468,253 TRX, or 1.36% of the supply.

Fact Box

From the Whitepaper

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.

Tron (TRX) Explained

Tron first got proper attention outside of the world of cryptocurrency in 2018, 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.

How Tron Works

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.

Tron Attention Tracker

Here is a chart for Tron (TRX) Google search volume for the past 90 days. This represents how many times the term “Tron (TRX)” has been Googled over the previous 90 days. 

FAQs 

Further reading

Ripple Price Prediction 2024: As Court Case Drags On, What’s Next for XRP?

Xai Price Prediction 2024: Can XAI Maintain Investors’ Interest?

Frax Share Price Prediction 2024: Can FXS Continue Beating the Market?

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

About the Author

Peter Henn

Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.

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