For a second day running, Tron (TRX) is doing double digit gains in the cryptocurrency markets. At the moment of writing this, TRX is valued at $0.075 and up 26.78% since yesterday. Ethereum World News had highlighted the token’s performance in the markets, when it noted that it was valued at $0.0598 at coinmarketcap.com and doing 11.77% gains in 24 hours.
What could be pumping TRX in the markets?
Firstly, there was very good news of Tron opening offices in Taiwan after a live interview between Justin Sun and one of the country’s Legislator and Member of Parliament, Jasun Hsu. Also to add is that the Tron Foundation will be part of the Taiwanese Blockchain Self Regulatory Board. This was welcome news for the people of Taiwan for such moves by Tron will also help by providing blockchain related jobs and entrepreneurial opportunities to a population of roughly 24 Million residents.
Secondly, Testnet is live and working with anticipation of the release of Mainnet on May 31st. The release will be accompanied by complete token migration to the new platform on June 21st. All TRX holders have been requested to transfer their TRX to exchanges as migration will be automatic. This is the most probable reason there is a rush to buy the token and hence influencing the current performance of TRX in the markets.
Thirdly, Tron has the community to back its market performance. The Tron Official telegram group has over 21,000 members and discussions on the chat can only be described as being lit over there right now. HODLers are still optimistic of more gains with day traders laughing at their daily gains and hoping for a dip in the TRX value so they can bag some more. You have to love the community and energy!
In a nutshell, the Tron project is headed for greatness with all the past developments and the future ones to come. The FUD that was initially there, has turned to excitement as more and more non-believers of the project have become HODLers. I for one had not really considered TRX as an investment option until a few weeks ago when TestNet was launched and I watched the live-stream at 5am, UTC + 3.
[Photo source, medium.com/@TronFoundation]