The TRON-Tesla tryst is one that has arrested the attention of the cryptocurrency community on Twitter. Following a botched marketing ploy by Justin Sun in March 2019, the Tron spearhead finally made amends on his Tesla promise. However, Sun failed to go all in on his promise.
On March 12, to celebrate the success of BTT, USDT, and Tron, Sun had announced a “$20, free cash airdrop.” In addition to the same, he stated that he will “randomly pick” a winner to receive a Tesla.
According to John Galt, the first draw went to a bot account and the 87 winners were the same person. The Tesla winner, @uzgaroth, was asked to provide his contact details by Sun, followed by the CEO promptly deleting the tweet and all mentions of the winner.
Following @uzgaroth’s tweet asking the crypto-community if he’d been scammed, Sun short-changed the user with a trip to the niTROn 2020 conference, instead of the Tesla, triggering a calamity of Twitter memes to the effect.
However, nearly one and a half months after the episode, Sun revealed another winner, Lee Huynh. Funnily enough, Huynh would not receive the electric car, but a USD-equivalent of the same, or close enough. Sun’s tweet read,
Picking up where the Tesla controversy left off in March, crypto-Twitter resumed its criticism of Sun. Many online not only questioned the lax sidelining of @uzgaroth and the announcement of a new winner, some also speculated on the price of the Tesla and its USD equivalent
According to The Verge, the cheapest variant of Tesla’s Model 3 is priced at $35,000, $7,000 more than what Sun is offering as the “#USD that is equivalent to #Tesla price.”
Regardless of the conversion and the USD price of the car, Huynh does not plan on purchasing a Tesla. Instead, “the winner,” stated that he converted his reward into TRX. Leo Huynh tweeted, tagging the former “winner” as well,
A few minutes after revealing Leo Huynh to be the “winner,” Justin Sun made good on his earlier promise to @uzgaroth, stating that the latter would be the “2nd winner” and that a sum of “28,000 $USD value of
#TRX” would be awarded to him as well. Sun tweeted,
Tron (TRX): A price drop lurks around the Sun-led cryptocurrency
Looking at the 4-hour chart, the TRX/USD pair is maintaining a downtrend as the bears regroup for more selling pressure in the market.
- The price Tron (TRX) is still trading intact in the medium-term channel which is drawn from late June
- The technical indicators for TRX/USD pair suggested more fall in price.
- Tron’s price is likely to make a bull-run if the price can remain breakthrough $0.020 resistance level.
Since late June, the price of Tron (TRX) is seriously losing value under the control of a bear action which has made price action to follow a medium-term channel formation. As we can see now, the price drop has brought trading at $0.017 price level, which is aggregated to a 55% loss over the past weeks of decline.
But the last 48-hours have subjected the token to a squeeze – showing a lack of interest in the market. Tron (TRX) might further rally if a bearish step back occurs. Despite the swing low, TRX remains the 14th most-traded cryptocurrency based on market cap.
Tron’s Current Statistics
Trading Price: $0.017
Market Capitalization: $1,137,454,020
Trading Volume: $362,965,362
Key Resistance Levels: $0.018, $0.019, $0.020
Key Support Levels: $0.016, $0.015, $0.014
Tron Price Prediction August 17, 2019
Looking at the 4-hour chart, the TRX/USD pair is maintaining a downtrend as the bears regroup for more selling pressure in the market. Now that the market is consolidating, we can expect close supports at $0.016, $0.015 and $0.014 levels. That’s if a bearish continuation occurs. As appeared on the price chart, the Tron (TRX) trading volume is meager as a result of a seven weeks bear dominance.
However, if the market can return under the control of bull radar, a trend reversal is likely to play out to immediate resistances at $0.018, $0.019 and $0.020 levels. But for now, there’s no sign of buying pressure. Due to this, the price if Tron (TRX) has remained in a bearish scenario in the daily chart as well as the hourly chart.
In as much as the supply remains substantial, the price of Tron (TRX) will continue to fall severely until the market locates reliable support that is capable of suppressing selling pressure in the market.
Technical Indicator Reading
The RSI indicator for TRON (TRX) has been creating a lower low and lower high since August 5. If the buyers remain weak, the next will fall at the extremely oversold region.
Stochastic RSI has swung to the overbought zone, revealing a potential drop lurks around.
Tron in Collaboration with Tether Completes Incentive Plan 2.0
In this combined Tron-Tether plan, around 51357 users (accounts) have been entertained with airdrops worth 779369.47681 USD distributed among them.
After a successful partnership with Tether (USDT), Tron (TRX) has completed the TRC20-based Tether incentive plan 2.0. The two crypto giants came up to launch a USD-pegged USDT on Tron, back in March 2019. In this plan, around 51357 users (accounts) have been entertained with airdrop worth 779369.47681 USD distributed among them.
The core objective of this partnership was to improve TRON’s network and give it stability in the market. Well, it seems that it’s working quite good at the moment as Justin Sun looks pleased with what has happened so far among both the crypto networks.
Improving the overall structure of Tron ecosystem, this cooperation has brought more liquidity to the Decentralized exchanges, raised the value storage, and given a much better lead to the blockchain for institutional investors and enterprise associates.
To have a larger user base, Tron introduced a 200 million RMB incentive plan 2.0 that took place from 16th July till 15th August, which ended two days ago. The goal was to attract more users to use TRC-20 based USDT instead of going towards USDT. To further appeal the users, Tron gave the token holders with an opportunity to win daily rewards of interest from the airdrop.
The plan lasted for a whole month, and it was a success because of certain key aspects which included, handsome rewards, cost-free, massive total volume, swift service, and a long-time period. Completing with 31 airdrops up till know, Tron has distributed almost 776931.269590 USDT to 51357 accounts in total. Comparing the price of airdrop with US dollar, it valued around $779369.47681, as per Bitfinex declaration.
Furthermore, the TRC20-based token users can utilize the smart contracts to issue, hold, and transfer the token under complete liquidity without any cost and fast service. The users also have the option to scale the program accordingly with the help of a smart contract.
This development has brought a good outcome for Tron. The digital asset has been suffering through unhinge situation, where users have questioned the lack of maturity from Tron’s founder, Justin Sun. Even, with the recent announcement of an airdrop by Sun, many users reflected a sight of anger as one of the users mention ‘dead’ for TRX.
Another reason why users have turned against Tron is that Tether and Bitfinex have been in a negative radar. To go back a bit, Tether and Bitfinex have been charged with the allegation of fraud by the New York Attorney General. To add much to the misery, both of them have issued $5 billion worth USDT by mistake.
However, for now, things are starting to turn good for Tron, and Justin Sun will surely look up to the queries of TRX users. As we write this, Tron trades in the green with +1.68% having a market value of around $0.0171. Let’s see what more comes next for the Sun-led cryptocurrency in days to come that could potentially lead it to a stable price mark in the market.
Tron Dominates The DApp Space Leading to Increase in Transaction Volumes
Recently, the Tron Foundation released its DApp review, and it shows Tron’s dominance has grown in the sector. Two new dApps (decentralized applications) have been added to the ecosystem.
When the Tron Foundation, revealed the details of its latest dApp Review, it was discovered that the network’s dominance in the dApp space has grown exponentially. It was also discovered that there was an increase in the use of smart contracts. The number of smart contract usage reportedly surged to about 1362 in the past week alone.
TRON (TRX) Price Today – TRX / USD
TNS and Zethyr Exchange New dApps Added to the Space
As shown above the report from the Tron Foundation also highlighted that there is an addition of two new dApps to the dApp ecosystem. Two new dApps TNS (Tron Name Service) and Zethyr Exchange were added to the space.
The Tron Name service is the domain name system that is based on Tron’s Blockchain, where each domain name typically ends with “.tron.” The TNS dApp works for smart contracts. It is also capable of resolving any domain name and corresponding hash address.
TNS Reduces the Chances of Human Error, Zethyr Will Improve Security
One of the new dApps that was added to the dApp space, TNS, is believed to cut down the chances of human errors occurring. This product also makes it very easy for users to successfully navigate through a vast number of features on the Blockchain network. TNS is completely decentralized as well. Additionally, any node on the Tron network can also be used to view data that is relevant to any domain name.
As for the second new dApp, Zethyr exchange, it is a decentralized exchange. Zethyr is also based on Tron’s Blockchain. It is the second new dApp addition to Tron’s dApp family. This completely decentralized exchange promises to give high asset security. The solution will be one where only users will have access to their holdings/assets. Which in essence means more security.
This will be with zero trading fees. The users of the exchange will also have the option to stake the native token. Doing this will give them a chance to earn dividends weekly. With these two new solutions, we can agree that the Tron network has made many strides in the dApp space. It has extended its position as one of the top dApp providers.
Tron Has Seen an Increase in Transaction Volume Recently
Tron has had good reasons to make the headlines in recent days. Apart from having an increase in the dApp ecosystem, it is understood that the Tron network has seen an improvement in its transaction volumes recently as well. This can be attributed to the network’s previous traffic boosting models.
As of press time, the price of Tron’s native token, the TRX, was changing hands at $0.016. Currently ranked the number 14 largest crypto by CoinMarketCap, the token also has a market capitalization of $1.1 billion. Although, the price of TRX registered a 2.1% drop, as of when this content was published.