TRX Withstands Overnight Dip as Tron Virtual Machine Hype Ramps Up

Tron (TRX) withstood the overnight dip leading into Sunday morning as the coin price continued to climb amid anticipation of the updated version of the Tron Virtual Machine (TVM).

The activation of the TVM, scheduled for Monday, October 8th, will allow for the ‘deployment and migration of DApps from existing blockchain networks’, and will be accompanied by the launch of the TRC-20 token – the smart contract standard on the TVM.

TRX has suddenly become more responsive to positive developments in recent weeks, and the coin has gained close to 10% during a seven day period in which ETH fell by 5%, and XRP by 20%.

Tron Price Holds Firm

TRX climbed 7.3% in value against the U.S Dollar as Saturday night led into Sunday morning. From a low of $0.022985, TRX spiked to $0.024684 by 04:00 UTC. The subsequent retracement returned the coin to the $0.023 range, but another sharp rally sent it back to the $0.0242 mark.

TRX/USDT and TRX/BTC trades on Binance make up most of the market activity, although close to 10% of the daily volume has come from the relatively small Rfinex exchange. Rfinex only offers trades against ETH, and of the $20 million volume going through the exchange, $15 million comes from the TRX/ETH pair. For comparison, EOS and ICON (ICX) trades make up less than $3 million combined.

Tron Virtual Machine Activates

Tomorrow the TVM will be updated to include DApp integration from other blockchains, while introducing the TRC-20 standard token, for use in the TVM’s smart contracts.

The TVM launched its testnet version back in the spring of 2018. The mainnet launch towards the end of August didn’t result in the kind of price hike many expected from TRX, and wasn’t helped by the market selloff in the same month which saw many coins revert to twelve month lows.

Tomorrow’s update will see Tron aim not only to compete, but to boldly steal custom from Ethereum – the current king of the DApp and smart contract. Details are surprisingly scant at this point, but Tron news channels confirm that enabling DApp migration for apps already built on Ethereum and EOS is a top priority.

TRX Outpaces EOS

Speaking of EOS, despite the most profitable and most publicized ICO to date, the sign-up rate of EOS accounts appears to be seriously lagging behind that of TRX.

Ever since early September when both blockchains reached 300,000 active accounts, the TRX sign-up rate has grown at nearly three times the rate of EOS.

On October 6th, TRX accounts hit 455,000, compared to the 355,000 number shown on the EOS blockchain on the same date.

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.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.