The launch of the TRON mainnet and the roll out the native TRX token has somehow moved TRON in the exact opposite direction. TRON wants to be a top ten brand on the crypto markets, yet today, for the first time in quite some time, TRON has slipped out of the top ten for market capitalisation, now sitting below Tether (USDT) in 11th place.
At the time of writing, TRON has a market cap of $2,667,203,993, compared to Tether, which at the time of writing has a market cap of $2,707,817,131. Its close, but Tether does seem to be slipping away.
Interestingly, we must consider that this week, Tether did announce an injection of new tokens (they have printed more money, in essence) which has no doubt contributed to the sudden surge in the market cap of USDT. Even so though, this doesn’t bode well for TRON.
According to CCN:
“USDT, which is pegged to USD at a 1-to-1 ratio, serves as a proxy for physical dollars on many cryptocurrency exchanges, owing to the fact that many trading platforms have difficulty obtaining the banking relationships necessary to hold fiat currency on behalf of customers. Over the past 24 hours, tether’s $4.2 billion in trading volume was second-highest among all cryptocurrencies, ranking behind only bitcoin.”
See more from CCN for yourself, here-
Overall, this entire transition period has been very disappointing. Justin Sun and the TRON Foundation promised big things with the launch of the mainnet, no such ‘big things’ have yet occurred, it almost seems as if in reality, Sun was just trying to start a hype train to keep the value of TRON up, in reality though this hasn’t worked, the value of TRX now sits lower than it did at the start of April. At the time of writing, TRX is valued at $0.040, down 4.39% and sinking.
The outlook for TRON is pretty bleak at the moment. Over time, we do hope to see TRON pick up some pace, this recent news though, could very well mark the first stumbling point for the ‘new TRON’. A stumbling point this early on in TRON’s new momentum, surely can’t be a good thing.