Tron DAO, the file sharing and entertainment blockchain, is leading the way in getting digital asset support into Ukraine to help ease the humanitarian crisis building up as a result of the Russian invasion of the country.
In a tweet today (28 February) the organisation said $700,000 worth of TRX and USDT (the Tether stablecoin) had been donated to the official account of the Ukrainian goverment, including $200,000 from founder Justin Sun.
According to blockchain analysis company Elliptic , the Ukrainian government has raised “$20m through thousands of cryptocurrency donations” since the start of the invasion.One NGO received a single Bitcoin donation worth $3 million it said.
The price of TRX since this crisis started has, like most cryptocurrencies, been volatile and it contin ues its drift downwards which it has been suffering since November.
Why has the TRON price been dropping, and will it be able to bounce back?
In this article, we look at some of the latest predictions for the coin’s long-term value.
TRON focuses on Web3 decentralisation
TRON was founded in September 2017 by Chinese entrepreneur Justin Sun, previously chief representative for the Ripple cryptocurrency XRP in the Greater China region.
The decentralised TRON platform focuses on file sharing and entertainment content.The TRON blockchain launched in June 2018.In July of that year it integrated with peer-to-peer file sharing network BitTorrent.
BitTorrent, founded by Bram Cohen, was sold to Tron in 2018.Sun is now the CEO of BitTorrent.
BitTorrent launched its own native cryptocurrency, BTT , in February 2019 on the TRON blockchain, using its TRC-10 standard.
TRON uses three-layer architecture: a storage layer, core layer and application layer.
There are several modules in the TRON core layer, including smart contracts, account management and consensus, according to the company’s whitepaper, which offers TRON potential for growth.
TRON runs on a Delegated Proof-of-Stake (DPoS) consensus in which 27 super representatives (SRs) produce blocks on the chain.Every six hours, TRX account holders can freeze their accounts and vote for SRs.
The protocol generates a new block every three seconds, and each block awards 32 TRX to SRs.This process allows for faster throughput than some other blockchains.
According to its latest weekly update on 28 February, there were more than 77.3 million accounts on the network and the total number of transactions reached 2.87 billion.Total value locked (TVL) on the blockchain reached $9bn.
The TRON Foundation, which was taking the lead in developing the project, was dissolved in July 2021.
Blockchain networks form a core of the emerging decentralised third-generation internet ( Web3 ).As part of that transition, the TRON blockchain has made the shift to a decentralised autonomous organisation ( DAO ) model.TRON became a fully decentralised network with a community-governed DAO in December 2021.
“TRON DAO is what distinguishes TRON from web2.0 tech companies as it fully demonstrates decentralisation, the essence of blockchain,” TRON said in an announcement .
What is the TRON coin?
TRX is the native TRON cryptocurrency issued by the DAO.It’s used to power transactions and applications on the blockchain.TRX is also a currency that can be used to purchase any TRC-based token issued on the blockchain.
TRX was initially an ERC-20 coin on the Ethereum blockchain when it launched in late 2017, but it was migrated to the TRON mainnnet when it went live in June 2018.
The TRON DAO has burnt 99.2b ERC-20 TRX tokens, which accounts for 99.19% of the total supply.
The TRON crypto price spiked to its all-time-high of $0.3004 on 5 January 2018, as cryptocurrency prices rallied.The coin dropped to $0.02511 the following month as the markets sold off.
The price spiked to $0.1012 at the end of April 2018, but then fell to trade around $0.02-0.03 until the markets rallied strongly again in early 2021.
TRX climbed to $0.1799 in mid-April 2021.It slipped to $0.04917 as the markets bottomed out in July.The price rose to $0.1291 during the November rally but fell as the markets sold off after bitcoin reached a new all-time-high.TRX ended 2021 at $0.0754.It dropped to $0.05137 on 24 January.
The TRON trend has since ticked up, trading around $0.0657 on 17 February.
In the latest TRON news developments, the OKCoinJapan cryptocurrency exchange said on 14 February that it will start trading TRX/JPY from 21 February.The first hackathon event, which will run every three months, started on 14 February to promote the growth of the TRON and BTTC ecosystem in developing Web3 with a $500,000 prize.
TRON is also moving into developing non-fungible tokens ( NFTs ) in metaverse gaming.Similar to Cryptokitties and Axie Infinity on the Ethereum blockchain, Bunny Planet is a metaverse gaming project being built on the TRON blockchain.
Bunny Planet ran an NFT giveaway on 14-16 February to promote the game.
What is the TRON potential as the DAO builds out the ecosystem? Read on for some of the latest forecasts for the TRX coin price.
Tron (TRX) price prediction: Will the coin hit new highs?
TRON technical analysis from CoinCodex showed that sentiment on the coin was bearish at the time of writing (28 February), with six indicators showing ‘buy’ signals compared with 25 ‘sell’ signals.Nonetheless, CoinCodex predicted that the TRX value could rise to $0.06 by 22 February.
The TRON price prediction from Wallet Investor was positive on the long-term outlook, predicting that TRX could trade at $0.11 in 12 months’ time.The algorithm-based site expected the price to reach $0.31 by the end of February 2027.
DigitalCoin ’s TRX coin price prediction expected the price to trend higher at a slower pace.Based on historical data, the site forecast the coin to average $0.083 in 2022 and $0.094 in 2023, rising to an average of $0.12 in 2025 and $0.28 in 2030.
Gov Capital also suggested a slower price rise initially, predicting that TRON could trade at $0.12 this time next year and $0.522 in February 2027.
The TRX/USD forecast from Price Prediction was bullish for the long-term, estimating that the price could climb from an average of $0.081 in 2022, $0.26 in 2025 and $1.82 in 2030.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates.
As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research.Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision.
Keep in mind that past performance is no guarantee of future returns.
FAQs
In volatile cryptocurrency markets, it’s important to do your own research on a coin or token to determine if it’s a good fit for your investment portfolio.Whether the TRX coin is a suitable investment for you will depend on your risk tolerance and how much you intend to invest, among other factors.
At the time of writing (28 February), there were 101.74 billion coins in circulation, equal to the coin’s total supply.The coin had a market capitalisation of $5.98bn, ranking it the 24th largest cryptocurrency, according to CoinMarketCap .
At the time of writing (28 February) some forecast sites expected the TRX price to go up over the long-term.But you should keep in mind that forecasters can and do get their predictions wrong.You should do your own research to take a view of the TRX price trend.
And never invest money you cannot afford to lose.
At the time of writing (17 February), several forecast sites expected the TRX price to trade up to $0.30 or $0.50 over the next few years, while the most bullish forecast from Price Prediction expected the TRX price to reach $1 by 2030.
You should keep in mind that forecasters can and do get their predictions wrong.You should do your own research to take a view of the TRX price trend.
TRON formed a partnership with blockchain security company CertiK in 2019.However, you should do your own research to determine whether you consider the coin a safe investment..
