Tron Gets Five Fiat Pairs Amid 260% Volume Boost; TRX Price Waiting to Move
Tron (TRX) just got five new fiat trading pairs, gaining exposure to currencies across four separate continents.
With Wednesday’s addition to Indacoin – a cryptocurrency exchange founded in London and operated worldwide, TRX gains access to Australian and Russian markets, while further consolidating its links with the major Western currencies.
Despite 10% growth over the past seven days, TRX holders may be wondering why Tron failed to be included in the recent altcoin surge. That 10% pales in comparison to the 15-20% spikes experienced by XRP (XRP), Stellar (XLM) and Cardano (ADA), while Bitcoin Cash (BCH) is the obvious outlier (and perhaps catalyst?) with 50% growth in the past week.
TRX Added to Indacoin
According to Wednesday’s press release on the Tron Foundation Medium blog, TRX will now find itself paired with five fiat currencies:
“TRON public chain Mainnet asset — TRX is now available on cryptocurrency exchange Indacoin. Tron (TRX) can be purchased in USD, EUR, GBP, AUD, and RUB. Visa and Mastercard are accepted but the cards have to support 3d Secure function.”
Indacoin isn’t listed on CoinMarketCap. According to official documentation it sets itself up as an anti-fraud platform, and assigns users a reliability score based on over thirty separate factors. According to the Medium post:
“Indacoin is an exchange built on the basis of the anti-fraud platform. It uses a cutting-edge technology to detect and prevent fraudulent attempts to purchase digital coins with banking cards. The system analyzes more than 30 different factors for client evaluation to make the most accurate client scores.”
Mobile apps are available for iOS and Android which facilitate the purchase of cryptocurrencies using a debit or credit card. Funds can also be converted back to fiat and sent straight back to the bank card if desired.
Despite TRX’s relative lack of upward price movement over the past seven days, the coin’s trade volume has only continued to rise. From the $50 million daily total recorded seven days ago, TRX is now grinding through $180 million worth of trades – the highest sum in almost a month.
Interestingly enough, over 40% of those trades have come from one small token exchange – Tokenomy, via the TRX/TEN pair. Of the $110 million worth of trades on Tokenomy, TRX currently makes up 65% of it.
Tokenomy launched in Q1 of 2018, and its ‘TEN’ ERC-20-based token is ranked near the 160th spot by market cap. Has there been another example of a major coin being so heavily traded against a single small-cap utility token?
Regardless, the TRX price is in the red as of Wednesday morning, despite those extravagant spikes which seem to be a result of CMC’s data being updated.
However with its trade volume building quietly, and more announcements coming out of Tron HQ (did you know they just released a Tron clothing line?), TRX might catch up with the altcoin surge before long.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.