Why is Tron (TRX) crypto rising amid a market crash?
The crypto market continued its fall on Thursday, May 19. Despite cryptos’ growing popularity, the cryptocurrency space is highly volatile. The market slumped 2.69% to US$1.25 trillion on Thursday morning, while its volume rose 8.63% to US$86.13 billion in the last 24 hours.
However, some cryptos, like Tron (TRX), saw positive momentum, catching investors’ attention. It was up 2%, and its volume soared 5% in the last 24 hours.
Also Read: Target Corp’s Q1 profit dips, Lowe’s net earnings touch US$2.3 bn
What is Tron (TRX) crypto and why is it rising?
Tron, developed by the Tron Foundation, is a decentralized operating system based on blockchain technology. Launched in 2017, the TRX tokens were originally created as ERC-20-based tokens deployed on Ethereum, however, they shifted to their network after a year.
The project initially focused on offering full ownership rights to content creators. Its main focus is to help and encourage the digital content developers who generally make small income by rewarding them. Unlike YouTube, Facebook, etc., Tron claims to allow consumers to reward their content creators directly, without any intermediaries.
Also Read: Why is Kyber Network Crystal v2 (KNC) crypto up over 17%?
The Tron software supports smart contracts, different blockchain systems, and decentralized applications. It makes the transactions through a public ledger called UTXO, enabling users to keep track of the operations. The platform aims to decentralize the internet and operate as a tool for developers to create decentralized applications. Users can create and deploy the DApps on Tron Network and receive compensation in digital assets for their work.
Also Read: What is Grove (GVR) token? know price and performance
The TRX token is available for trading on exchanges like KuCoin, Binance, Bitfinex, etc.
Tron is one of the sponsors of the CoinMarketCap’s (CMC) conference, The Capital 2022. It has joined hands with CMC to launch a US$10,000 Airdrop. CoinMarketCap announced on Thursday that one could get a chance to win the TRX tokens by registering for the conference.
The US$10,000-Airdrop will be distributed among 1,000 winners, and each recipient will get US$10 worth of TRX tokens. Tron also said that it is now listed on the BitMex exchange.
Also Read: Why is IDEX (IDEX) crypto up over 122%?
Data Source: CoinMarketCap.com
Bottom line:
The TRX coin was priced at US$0.07359 at 8:09 am ET on May 19, up 2.74%, while its volume for the last 24 hours surged 5.45% to US$1.00 billion. It has a market cap of US$7.16 billion, and its fully diluted market cap is US$7.08 billion.
The token has a total supply of 97.34 billion, and its current circulating supply is more than 97.35 billion. It returned gains of 4.87% in the last seven days while increasing 19.86% over the last 30 days. The token saw the highest price of US$0.09087 and the lowest price of US$0.06176 in the last 30 days.
Also Read: What is Songbird (SGB) crypto and why did it zoom 76%?
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
