When Is the Tron Price Recovery Going to Hit?
Despite recovering 51% of its value since the dip of August, Tron (TRX) is still lagging some way behind its altcoins competitors. The launch of the Tron Virtual Machine (TVM) at the start of September didn’t register a blip on the performance of the TRX coin, and despite the constant flow of headlines surrounding founder and CEO Justin Sun, media attention ultimately hasn’t strengthened the coin price.
Tron (TRX) Recent Price Performance
Here in early September, the previous month’s price movements reveal a lot about the broad market sentiment. As it stands Bitcoin is up 11.5% over the last thirty days, rising from the $6,500 range to around $7,300.
Compare that to Tron’s performance over the month and it’s easy to see why many are adamant that an altcoin cull is on the horizon. TRX is currently down 48% for the month, falling from $0.049 to $0.0254. That’s predominantly for the month of August alone, while taking the marker back to May leaves Tron nursing losses of close to 75%.
But Tron isn’t really competing with Bitcoin at this time. You could also say it isn’t really competing with Ethereum, but for the sake of the comparison we may as well use the platform that Tron aims to emulate. The ETH/USD pair is down 26% for the month, with one ETH priced at $385 at the start of August. That means that Ethereum, despite its own troubles, is currently recovering at almost twice the rate of Tron.
Other altcoins are outperforming both Ethereum and Tron, with Ethereum Classic (ETC) only on 5% losses for the month. Ontology (ONT) has gained 4% for the month, while VeChain (VET) is currently up 30%. All of these alts felt the surge of some big news in August, with Ethereum Classic being added to Coinbase, VeChain conducting its long awaited token swap, and Ontology going live on its own blockchain after its departure from Ethereum.
TRX/USD Growth Ahead?
The latest round of TRX PR material has focused strongly on the comparing Tron to its larger competitors. As Justin Sun tweeted out on September 1st:
“$TRX started Aug. with only 30,100 transactions a day. By the end of the month the avg. # of daily transactions was NEARLY 1/3 that of $ETH. #TRON is the fastest growing coin, this rocket ain’t stopping for anyone.”
Likewise, earlier today Sun tweeted out that Tron mainnet accounts have now surpassed the number on EOS – a coin with more than double the market cap.
So Sun might have a point when he says that Tron is the fastest growing coin, at least in terms of sign-ups to the mainnet. The increase to transaction numbers will have been helped by the recent rollout of the crypto-twitter tool, Seedit, but ultimately transaction volume doesn’t necessarily translate to coin performance in the marketplace. Just see Dogecoin for an example of that.
And that seems to be Tron’s problem at the moment, despite being one of the most talked about coin’s on Twitter, the chatter hasn’t translated to increased sentiment.
Featured image courtesy of Shutterstock.