Tron (TRX) is a cryptocurrency that has been gaining popularity in recent years. It was created in 2017 by Justin Sun, a former Ripple executive, and has since become one of the top 20 cryptocurrencies by market capitalization. In this article, we will analyze the current price trend of Tron and discuss why its uptrend support remains strong, according to Live Bitcoin News.
Tron’s Current Price Trend
Tron’s price has been on an uptrend since the beginning of 2021. On January 1st, TRX was trading at $0.026, and as of August 2021, it is trading at $0.08. This represents a 207% increase in price in just eight months. Tron’s market capitalization has also increased from $1.8 billion to $6.2 billion during the same period.
Tron’s Uptrend Support
According to Live Bitcoin News, Tron’s uptrend support remains strong due to several factors. Firstly, Tron has a strong community of supporters who believe in the project’s potential. The Tron Foundation has also been actively promoting the project through partnerships with other companies and by launching new products and services.
Secondly, Tron has a solid technical foundation. It uses a delegated proof-of-stake (DPoS) consensus mechanism, which allows for faster transaction speeds and lower fees compared to other cryptocurrencies like Bitcoin and Ethereum. Tron also has a high throughput capacity, which means it can handle a large number of transactions per second.
Thirdly, Tron has been making significant progress in the decentralized finance (DeFi) space. The Tron Foundation launched its own DeFi platform called JustSwap in August 2020, which allows users to trade TRX and other tokens without the need for a centralized exchange. Tron has also partnered with other DeFi projects like Band Protocol and JustLend to expand its DeFi offerings.
Conclusion
Tron’s price has been on an uptrend in 2021, and its uptrend support remains strong due to its strong community, solid technical foundation, and progress in the DeFi space. However, it is important to note that cryptocurrency prices are highly volatile and can fluctuate rapidly. Investors should always do their own research and exercise caution when investing in cryptocurrencies.
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