TRON (TRX) price bounced back sharply after losing significant value since the launch of test net at the end of last month. Although investors were expecting a sharp rally in TRX price amid its test net launch, the downtrend in its price was supported by the broader selloff in the market. TRX token, however, soared more than 24% in early trade on Thursday to $0.04.
TRON is a blockchain technology platform that offers safe infrastructure necessary for sharing entertainment contents. The successful launch of test net reduces its dependence on Ethereum (ETH) and sets its footholds for the complete launch later in the year.
Besides from test net launch, several other reports are supporting TRON price. Coinflip, the most renowned cryptocurrency ATM, started supporting TRX token. Previously Coinflip only supports Bitcoin (BTC), Ethereum and Litecoin (LTC). TRX inclusion to Coinflip platform enhances its circulations and investors confidence.
Justin Sun, the founder of TRON said, “In the next quarter of the year, the Tron project will be focused on migrating from the Ethereum blockchain to that of Tron’s Mainnet. This will include migration of the already existing DApps already running on the Tron network that is Ethereum based. These DApps have a total of 100 Million users already using them and will in turn be users of Tron’s Mainnet.”
Altcoins are Plunging
Altcoins are declining since the start of this week. Ethereum and Ripple (XRP) are down almost 8% in the last seven days, while Bitcoin Cash (BCH) dipped 18% last week. Cardano (ADA) and Stellar (XLM) are among the most prominent losers in top ten altcoins today. ADA price trades around $0.14 today, down close to 9% in the last twenty-four hours. Stellar is down 8% today, erasing all the gains it generated early in the week.
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