CV Market Watch™: TRON Remains Asleep Even After McAfee Recommendation
It seems TRON has not responded as expected, with only nominal growth after becoming the John McAfee daily coin.
Tronix (TRX) was a problematic ICO coming right in the middle of the Chinese crackdown. Then, the coin spent months in the sub-penny range, only to explode toward $0.03. And at that level, TRON remained stuck, despite becoming the McAfee coin of the day.
Coin Of The Day: pic.twitter.com/WSTXaha1Nk— John McAfee (@officialmcafee) December 26, 2017
The problem is, TRX peaked only recently, and right now its price is correcting from the heights, loaded with skepticism. Unfortunately, the bull run could not be jump-started that fast.
The other unfortunate moment for TRX is that its most active trading happens against Bitcoin, meaning that another spike in the price of BTC may bring about a depression for the TRX price. TRX also trades against Ethereum, and may see additional selling pressure from that market.
In the final analysis, TRON may be a long-term proposition, going way beyond the current price levels. Even at the moment, the price of TRX is sinking again.
The Future of TRON
The TRON project aims to create a distributed, fully decentralized entertainment system. The future success of TRON will depend on the content provided, and on user behavior when choosing to pay in TRX tokens. Thus, the TRON project aims to distribute data ownership and prevent monopolies from dominating the web-based entertainment industry. Also, the content should come from people, and not be engineered with a profit in mind.
Certainly, TRON is a project espousing high values, which may not be seen in the current state of the internet, where entertainment is becoming more centralized and monetizing may be subject to censorship from leading online media companies.
What kind of data or entertainment the TRON ecosystem would hold is anyone's guess. But possibilities include gaming, decentralized exchanges, and other various forms of information and tools.
TRON already has a market cap of $2.4 billion and has entered the top 20 on CoinMarketCap, further gaining visibility. In 2018, as more projects start evolving, TRON may remain an appealing digital asset.