TRON (TRX) has been working hard to get the global appeal and reach it deserves and yet it is becoming even hard for its price and value to bulge marginally north. Transactions have experienced the worst lows despite the very many accomplishments towards the shift to an independent mainnet.
The ambitious coin has been listed in many exchanges but has been recording an average daily transaction of about 10,000. This is on the lower side compared to other coins in the market and this has raised questions as to whether the coin adoption rate has been clipped by the daily transactions. You cannot compare TRON transactions with 500,000 that Ethereum does in a day and expect meaningful growth.
TRON (TRX) just moved from the Ethereum ecosystem a few weeks ago and this should not be translated into TRX becoming an instant hit overnight. Despite the brand name, TRON is a new entrant in the market and should be seen as such. The Supper Representative Elections for instance is not over with only 6 reps confirmed and this is the body set to push the platform forward.
The voting can also make or break the platform; out of 89 candidates, only 27 are expected to drive the TRON agenda to the next level. However, paying voters might not be the best way to elect a team that has the TRON community backing. A rep like Antpool, a mining outfit is a major asset for the platform but might be voted out for a lesser value adding representative. This has brought to light user sentiments:
“People are voting in favor of rewards “right now” versus working towards the election completion of 27 #TRONSR candidates. Is this healthy to prolong the Guardian phase?”
Vote distribution has been halted leading to handful representatives being elected due to the voting rewarding system. This will prolong the Guardian phase and this will have a ripple effect on the entire networks road map. Staying in the Guardian stage seems to erode the community and investor confidence and this might be TRON’s undoing.
This has been complicated by rewarding users who discover bugs in a system that you do not have a mechanism to prevent users introducing the same bugs in the network. Any tech savvy user can introduce a bug and discover it to get rewarded for the same. However, as the bug hunt continues, the bounty might turn out useful in the future of the ecosystem.
TRON (TRX) route to market could be contributing to its price movement in the market. The exposure to too many pairings in a short period could have a negative impact on TRX. The USDT accounts for a large percentage of TRX volumes on Binance and OKEx and when the Bitcoin price hits the green trading zones, USDT is on the red and this appears to have a negative implication on TRX price and its movement in the market.
The above scenario has shifted investor focus on TRX and adoption levels have been stagnated. A depressed TRX price might continue for some time before any meaningful traction is achieved and this should be the focus for the marketing team if the coin is going to break even soon.
For the last 24 trading hours, TRX price hit the green zone after gaining against the green buck by 1.79% to trade at $0.033712. This is a huge drop from the high of $0.05 that many holders expected to hold during and after the Independence Day run up.
In its bid to capture adopters from the grassroots level, TRON has announced the Crowdin translation results and rewards. This could have been a positive initiative but translating a coins agenda to an audience that looks at the price value first might not increase adoption. This could have spiked a bull run for the coin but the timing might have come at a time when the coin is biting more that it can chew.
The TRON (TRX) community appears to be overwhelmed by a myriad of activities and the flurry around the token swap has kept new adoptions away waiting for a successful completion to jump in. However, all is not lost and TRON support for the ledger wallets could inspire increased usage. This though has been approached with cautions with TRX holders feeling an update on their hardware wallet could lead to their TRX loses and preferring the cold storage option.
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