Nano and Tron Compete with BTC as ‘Most Spent’ Cryptocurrencies
Nano (NANO) and Tron (TRX) are among the most spent cryptocurrencies on Bitcoin Superstore – a crypto-only store that allows users to buy consumer goods with their coins and tokens.
TRX, NANO and LTC Changing Hands
The spend volume of both coins is still below that of Bitcoin (BTC), but not by as large a margin as one would expect. TRX was only added to the platform in August, and already accounts for 17% of all purchases. Surprisingly, Nano accounts for 20% of purchases from the site – not far off Bitcoin’s 35%.
Bitcoin Superstore caters for purchases from over 200,000 online retailers, and currently accepts ten prominent cryptocurrencies as legal tender – Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Monero (XRM), Dash (DASH), Tron (TRX), DigiByte (DGB) and Nano (NANO).
Litecoin is the next most popular currency on the site, making up 8% of purchases since the start of September. According to the tweet by the Bitcoin Superstore twitter page:
“The “Most Used” cryptocurrency at http://bitcoinsuperstore.us over the past 10 days was #Bitcoin. Bitcoin made up 35% of all transactions, with the next “Most Used” being #Nano at 20%, #Tron at 17%, & #Litecoin at 8% of all transactions.”
Why TRX and NANO?
The data collected by the crypto-store only extends through the previous ten days since the time of the tweet. That takes us back to the final days of August, leading up to early September, and the state of the crypto market at that time may have had an effect on which coins were spent.
Nano grew by over 325% towards the end of August, rising from a price around the $0.87 range up to a valuation of $3.70. That would have made Nano a likely candidate for spending, especially for short to mid-termers who bought in at the mid-August low.
The same can’t necessarily be said for TRX, although the coin did grow by around 63% from the mid-August low of $0.016787. That took TRX to a price of $0.027453 by the end of the month, and may have been enough incentive for holders to part with their cash, but not to the same extent as Nano.
Another reason for the popularity of TRX spends on the store could simply be related to the relative popularity of the coin itself. After all, Tron CEO and founder Justin Sun recently hit 1 million followers on Facebook; while his Twitter page has over 370K followers despite only joining late last year.
The recent rollout of the Twitter app, Seedit, which allows users to send TRX to each other seamlessly may also account for the coin’s enlarged presence, which has been spent more than Ethereum, XRP and Bitcoin Cash – all of which have market capitalizations multitudes greater than that of Tron.
Featured image courtesy of Shutterstock.