TRX Coin Price Struggles But Tron Focuses On Gaming dApps To Dominant The Future
Race For The Top Ten Heats Up: Tron (TRX) Focuses On Gaming
The world of business is one of uncertainty, the peaks and valleys of the stock market are both exhilarating and heart wrenching. All this week the young crypto had been gaining ground to catch up and even overtook the bigger boys, like Cardano. However, the market thrust has pushed Tron out of that position again.
Since the start of last month, Tron has been focusing its attention on Distributed applications [DApps]. This is undoubtedly their main weapon to gain on the bigger players in the market. In fact last week they surged to the number10 spot before retreating back to 12th, among cryptocurrencies based on market capitalization.
Amid the broader crypto bear trend of November, TRX was unsurprisingly down by double digits, yet the broader canvas paints a rosier picture. This week, despite the recent slump, the coin is still in the green, with an overall upturn of 27 percent. Its brave performance has made Weiss Ratings, a crypto rating agency, sit up and take notice. They recently commented:
“#Tron (#TRX) has surged as much as 53%, outpacing its competitors and recovering more than twice the value of #Ethereum, #Bitcoin Cash, and #EOS. Tron’s become one of the most widely used ledgers for the blockchain in the world, so it’s gotten a boost in its adoption grade.”
What Is TRX Doing Right
This upswing is not just luck, Tron, whose market cap is just below the $1 billion ceiling, has been making a concerted effort to focus on DApps and gaming to make headway in this challenging market. To break back into the top 10 ranks TRX has stiff competition from other established names such as Cardano and Monero. Yet, a typically buoyed Justin Sun, the founder of the Tron Foundation, has set his sights on the big prize. He says the aim is to outpace Ethereum as “the world’s largest decentralized protocol,” something the coin is heading towards despite the bear sentiments.
Justin has been making bold claims, not out of some false bravado, but based on their concentrated efforts and consequent results. The catalyst in the rise of TRX is its attachment to DApps. More specifically, the coin has traded well because of their recently unveiled offering, TRON Arcade. They have set up a $100 million fund to encourage devs to build on its network. While Ethereum is the largest shareholder and market leader, TRON is making an excellent case for the switch.
Where others are dealing with poor scaling and a weakened price, the Tron network, with nearly 2,000 transactions per second allows Justin to say,
“TRON Arcade will play a crucial role in encouraging developers to join in our mission and provide the best blockchain gaming experience to users around the world.”
There are certainly numbers to back all this up. With about 6 new DApps added to Tron, just this week, the number of accounts has increased by 6 percent and there has been a jump of more than 10% in terms of number of transactions. As one of the commentators mentioned online “human vices lead.” The main apps using the coin are gambling and gaming ones.
That is not all, in a post the Tron Foundation has stated that they have reasons to believe that developers on Ethereum (ETH) and EOS are now actively looking to move onto TRON. They peg this to three main reasons,“Low development, fast transaction speed and lower user thresholds.”
The Next Leap For TRX
Whilst in conversation with The Bad Crypto, Justin looked towards the future prospects of his company. He stated that they had been exploring various options to ensure stability for the blockchain while looking to enter the mainstream consciousness. At the moment the protocol is planning to integrate with the Atlas Project and BitTorrent.
About the latter, he sees a clear potential in the project and feels it will get another shot by “adding an incentive plan to the BitTorrent system.” This will chiefly benefit the entertainment industry.
The new token, BitTorrent (BT) is expected to be ready by the middle of 2019. All the while Tron continues to expand, recently, another exchange, Coinsuper has added Tron with a TRX/USD pair.
With its innovative design and market strategy, TRX is certainly gaining traction and that shows in their market performance. The big question is that is this just a random surge or will the company plans intrigue investors enough to give the coin a chance to see their effort to fruition. It will be interesting to see how Tron performs.