TRON (TRX) Shuts Haters Up as it Comebacks with an 11% Price Increase
TRON (TRX) has seen a significant increase in price after the last week’s major drops. The trading momentum is finally solid for this cryptocurrency, which is a good thing considering the upcoming migration, for which the company will launch TRON VM v.0.1.
TRX shows signs of recovery
This weekend saw a big increase in gains for all of the top cryptos, despite the bearish pressure that they have experienced recently. The process of recovery finally came and hit the cryptos hard in the last 24 hours. There is still a long way to go before the market can stabilize again, but the first few important steps have been taken.
The price of TRON has increased by 11.39%, which mark the highest gains among the top 10 cryptos. TRX value managed to climb back up to $0.0709, and many are interested to see where it is going to settle. Thanks to this recent development, TRX managed to gain around 10.74 over BTC, as well as 6.94% over ETH.
The current demand for TRON seems to be rather genuine, considering its trading volume in the last 24 hours, which was at around $602.55 million. Due to the bearish pressure experienced by the market, it might prove to be a challenge to sustain the current price.
TRON will soon go through a migration
Another big experience for TRON is a soon-to-be migration, which the company is planning. They have already scheduled the launch of TRON VM v.0.1, which will occur on May 25. Its creator, Justin Sun, has stated that TRON VM (Virtual Machine) is going to use a compatibility adapter, which will allow it to work with ETH VM.
He also stated that May will be a big month for this crypto, and the launch of TRON VM will allow Ethereum’s developers to migrate projects from ETH dApp to TRON.
TRON’s community has also commented on the recent development on various social networks. On Reddit, for example, there have been posts that say that TRON might push the ETH to the side. This is expected due to TRON’s promises of major speeds and minimal fees. If the erc20 tokens, which are keeping Ethereum alive decide to move to TRON, then the future of ETH might be obsolete. Of course, even the greatest TRON enthusiasts understand that this won’t happen overnight.
Another Redditor by the name of Crypto Papi says that the cryptos are clearly in a competition phase, even though everyone claims that there is enough room for all of them. The battle for supremacy is at hand, and whoever wins will be able to dictate the future regarding the tech adoption.
Even on Twitter, there have been many posts regarding the TRON’s success, and one user, in particular, has stated that their decision to start dealing in TRX was the best one yet.
It would seem that TRON has managed to get some good news after all, despite the last week’s alarming price drops. This is just what the investors needed to regain their confidence and trust in this crypto.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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