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TRON (TRX) Network Continues Growing, Price Stalls Below 4 Cents

CryptocurrencyJul 19, 2018 10:01AM ET
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TRON (TRX) Network Continues Growing, Price Stalls Below 4 Cents

TRON (TRX) is adding Super Representatives each day, and the transaction count for the network is slowly growing, surpassing 20,000 transactions in 24 hours. The TRON network is already supported by 10 Super Representatives, with the rest of the positions still secured by custodial representatives.

Among the candidates is Justin Sun himself, the founder of TRON. He explains that running as a Super Representative candidate is his personal effort, not to be backed by the TRON Foundation:

“Running for SR is a completely personal action on behalf of myself, which means the 33.2 billion TRX locked by TRON foundation will not be participating in the election.”

The TRON project remains one of the most prominent on social media, but the digital asset has skeptics, seeing it as overpromising, and not delivering a product. The network is taking a long time to build, and despite the lack of glitches, TRON is still far from becoming the complete and fast network that was promised. For the moment, there are still exchanges left to confirm the token migration, and release the new TRX for voting on the network. This process is also slowing down the election of all Super Representatives.


The TRX market price is also still in a tight range, unable to vault the $0.04 barrier. TRX slid a bit, coming out of the top 10 on CoinMarketCap, once again displaced by Tether (USDT). TRX lost about 2% in the past 24 hours, reaching $0.038 around noon UTC time on Thursday. The asset is still up nearly 20% in the past week, but the gains are relatively slim, and for now, a wild rally to a new price range is not in sight.

Separate traders have been expecting a breakout in TRX, but for now, the asset has stepped aside, while Cardano (ADA) and Stellar (XLM) boom on expectations of a Coinbase listing.

One factor hurting the TRX price is that the asset is mostly traded, and there is no ramp for newcomers to inject fiat and hold onto the coins. This makes TRX slide on short-term profit-taking, and not even the boost in Bitcoin prices has managed to lift up the TRX position.

Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Cryptocurrency trading and investing is risky and market participants are advised to always conduct a thorough research.

This article appeared first on Cryptovest
TRON (TRX) Network Continues Growing, Price Stalls Below 4 Cents

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