TRON Turns Bullish: TRX/USD Surges 33% as Volume Returns; DApps Set New Records
TRON (TRX) saw its coin price climb 33% on Friday morning – a surge which carried TRON past monthly highs, and leaves it very close to clearing quarterly highs in the near future.
Volume has returned to the TRX market in the past week, while blockchain transactions and DApp usage continue to record new highs.
TRON Price – TRX/USD
TRX shot up 33% leading into Friday, moving from a coin price of $0.016808 up to the midday high of $0.022478.
TRON now appears to be taking its turn to pump on the near trebling of global trade volumes which occured in the past week, and TRX’s own trade volume increased 517% in the last seven days, up from $40 million to today’s peak $247 million at time of writing. Tether and Bitcoin trades divide the TRX market fairly evenly, while Korean won trades also account for close to one quarter of the daily total.
The value of TRX is 78% higher than this time last week, while the recovery since November 25th’s yearly low has been to the tune of 106% – higher than Bitcoin and Ethereum, but still less than the recoveries of BCH and EOS in the same period.
TRX Transactions Soar Thanks to DApps
According to the most recent weekly DApp report to come out of TRON HQ, new records were set this week thanks to the release of TRON Shrimp Farm, and Ant Farmer, two new DApps on utilizing the TRX blockchain. As per the weekly report:
“The DAU’s (daily average users) of the newly launched TRON Shrimp Farm and Ant Farmer have made new records among all TRON DApps. According to DApp Radar, TRON Shrimp Farm has a DAU of 15,000, surpassing the previous record number at 2,000 which TRONbet has created.”
TRON Goes Moon
In addition to an increased user base occupying the blockchain, the amount of TRX changing hands thanks to TRON’s DApps is on the rapid increase. According to the weekly report, over one billion TRX changed hands in one day thanks to app usage:
“In addition, TRONbet has made a new record with the new game ‘Moon’ going live. TRONbet’s highest daily transaction number reached 1 billion TRX, and single-day dividend reached 26 million TRX, making it a phenomenal DApp of TRON.”
The new ‘Moon’ game involves picking a number and gambling on a random numerical outcome – a model which has proven popular among numerous blockchains in recent months. As per the report:
“This game is more exciting and fun than traditional dice games. Players have the chance to double or multiply their principal, but also risk losing all their principal.”
Gambling apps are unlikely to be the driving force that opens up blockchain to the world, but for now TRON is benefitting from the increased engagement, and increased exposure, that they bring.
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.