TRXUSDT Archives

5th March 2024

Exciting Launch For TRON (TRX) Coming, Justin Sun Announcement Sent This Token 24% Up

TRON (TRX) Founder Justin Sun made an announcement earlier today that created expectations about what’s coming to the ecosystem. Additionally, a second post by Sun made the price of a token surge by 24% in a matter of minutes.

TRON-Based Inscriptions Market To Launch Soon

Recently, the TRON network made it into the news after reaching 95 million total addresses. As reported by NewsBTC, TRON significantly surpassed other Layer-1 networks in address growth, including Avalanche and Cardano.

This time, TRON is in the headlines after its founder, Justin Sun, shared some news for the ecosystem on X (formerly known as Twitter.)

Sun posted on Monday morning to inform the crypto community that a TRON-based inscription marketplace is coming. “Exciting news, the inscription market based on #TRON is about to launch,” said the TRON founder.

Inscriptions became popular after the launch of Bitcoin Ordinals last year. The new technology allowed the creation of non-fungible tokens (NFT) in the Bitcoin blockchain and has seen different applications ever since.

As it can be created using any type of data, like audio, video, and images, other chains started to launch their inscriptions.

TRON developers and APENFT Foundation’s NFT team developed the inscriptions marketplace. All developers are welcome to build in the TRON ecosystem, Sun said.

TRON’s native token didn’t seem to react to the news. TRX’s price has increased by 0.4% in the last 24 hours. At writing time, the token is trading at $0,1409, representing a mild 2.1% price surge in the 7-day timeframe.

TRX, TRON, TRXUSDT

However, the token’s trading volume of $367.3 million accounts for a 21.48% surge from the day prior, per CoinMarketCap data.

As of this writing, further details about the launch are yet to be revealed. However, the community welcomed the news positively. Many expressed excitement to see what the TRON ecosystem could bring to the NFT market.

Similarly, crypto exchange Binance recently revealed its Inscription Marketplace, allowing users to create and trade inscription tokens within the Binance app.s

Justin Sun Behind BitTorrent (BTT)’s Price Surge?

After the announcement, Sun, who acquired BitTorrent back in 2018, quoted his post to ‘announce’ BTT-related news. BitTorrent is a file-sharing platform built on the TRON blockchain.

#BTT soon… https://t.co/VZ5U09wDW6

— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 4, 2024

The two words posted by the blockchain entrepreneur sent the token’s price up by 24%. BTT’s price was moving sideways the 24 hours before Sun’s post, as seen in the chart below.

Just moments after the TRON founder’s comment, the price quickly went from $0.000001526 to $0.0000017. An hour later, BTT’s trading volume increased from $100.14 million to $151.6 million, a 51.4% increase in this timeframe.

The token reached $0.0000018 before the pullback to the $0.0000017 price range. At writing time, BTT’s price is $0.000001755, accounting for a 24.6% price increase from the day prior. The 7-day and 30-day performances display a notable price surge of 68% and 118%, respectively.

The performance seen since the beginning of 2024 suggests a recovery from the past year when the token reached its all-time low of $0,0000003654. The token’s price has increased 153.6% in the 1-year time frame.

Its market capitalization sits at an impressive $1.62 billion, making BTT the #64 largest cryptocurrency by this metric, according to CoinMarketCap.

28th January 2024

How To Buy, Sell, And Trade Crypto Tokens On The Tron Network

The Tron network is a decentralized blockchain platform that aspires to create an expansive and interconnected global digital content ecosystem. At its core, Tron leverages its native cryptocurrency, TRX, to facilitate seamless transactions and interactions within the network.

An outstanding advantage of the Tron (TRX) network lies in its exceptional scalability and impressive transaction processing capacity. This remarkable feature enables Tron to process a substantial number of transactions swiftly, ensuring the smooth execution of smart contracts and decentralized applications (DApps). The network’s scalability is of utmost importance as it plays a vital role in supporting the expansion of its ecosystem and meeting the growing needs of both users and developers.

Tron (TRX) empowers developers to create and launch decentralized applications (DApps) through the integration of smart contracts into its framework. These versatile DApps span across diverse sectors, including finance, gaming, social media, and more. Tron equips developers with essential tools, resources, and support, enabling them to craft cutting-edge and fully operational applications. This fosters a dynamic developer community, driving ongoing expansion and diversification within the Tron ecosystem.

Tron’s emphasis on digital content is a distinguishing feature of the network. It aims to revolutionize the entertainment industry by directly connecting content creators and consumers without the need for intermediaries. The platform empowers creators by enabling them to distribute their content and monetize it through direct interactions with their audience.

The network (TRON) relies on a delegated proof-of-stake consensus mechanism for its security. Validators in the network are rotated every six hours, chosen by users who stake their TRX tokens.

To combat software bugs, Tron involves its community through the Bug Bounty Program. Users can contribute to development and earn rewards by reporting bugs and vulnerabilities. The Tron Foundation generously provides TRX rewards as an incentive, fostering a collaborative environment for network security.

This article delves into the fundamental features of the TRON network and explores its significant potential within the TRON ecosystem while also providing guides on how to buy, sell and trade on the network.

Features Of The TRON Network

Delegated Proof-of-Stake (DPoS) Consensus: The DPoS is a consensus mechanism utilized by the TRON network to enable its users to vote for representatives responsible for validating transactions and securing the network. This system guarantees swift transaction confirmation and streamlined network operations, enabling scalability and suitability for high-demand applications.

Smart Contracts and DApps: TRON offers a platform for the creation and implementation of smart contracts, which are self-executing agreements governed by predetermined rules. These smart contracts serve as the foundation for developing decentralized applications (DApps) that automate processes, enhance peer-to-peer interactions, and introduce trailblazing functionalities in sectors including finance, gaming, social media, and more.

Developer-Friendly Environment: TRON fosters a developer-friendly ecosystem by equipping developers with essential tools, resources, and support to build innovative and functional DApps. It offers user-friendly programming languages, software development kits (SDKs), and comprehensive documentation to optimize the development process. This commitment to developers encourages a vibrant community, promotes collaboration, and fuels ongoing growth and diversification within the TRON ecosystem.

Scalability and Throughput: One of the main purposes of the TRON network is that it is purposefully built to efficiently process a substantial number of transactions with exceptional throughput. Its infrastructure facilitates swift transaction execution, ensuring seamless operations for smart contracts and decentralized applications (DApps). This scalability plays a vital role in meeting the increasing adoption and requirements of users and developers.

Global Accessibility: TRON’s decentralized architecture guarantees worldwide accessibility, enabling individuals from across the globe to engage with the network. The platform’s infrastructure is intentionally designed to be accessible to anyone with an internet connection, promoting inclusivity and fostering a digital ecosystem without any geographical boundaries.

Direct Creator-Consumer Interaction: TRON enables content creators to engage directly with their audience without intermediaries. This direct connection fosters a more intimate and transparent relationship, allowing creators to better understand their audience’s preferences and tailor their content accordingly.

Ownership Rights: TRON acknowledges the significance of content ownership for creators and leverages the immutability and transparency of blockchain technology to safeguard their intellectual property rights. By doing so, TRON empowers creators to retain control over their content and ensures they are duly compensated for its utilization.

Monetization Opportunities: TRON empowers content creators by enabling them to directly monetize their content. By leveraging smart contracts and digital tokens, creators can receive payments directly from their audience, bypassing the need for third-party payment processors. This direct monetization approach allows creators to retain a greater share of their earnings and exert more control over their revenue streams.

How To Get Started On The Tron Network

To buy and sell tokens on the TRON network, you will first need to get a TRON-compatible wallet like Tronlink. In this article, we will give examples using Tronlink. It is a popular TRON wallet extension and is readily accessible on leading browsers such as Google Chrome.

With TronLink, users can effortlessly create and oversee TRON wallets, securely store TRX, as well as other TRC-10/TRC-20 tokens, and seamlessly engage with TRON DApps, all within the convenience of their browser interface.

To add your TronLink Wallet as a browser extension, simply click on the “Add to Chrome” icon located in the top right corner, as demonstrated below. This step will ensure that your TronLink Wallet becomes seamlessly accessible within your browser.

Once installed and set up, Open the TronLink extension in your browser. You will be prompted to either create a new wallet or import an existing one. If you’re new to TronLink, select the option to create a new wallet and follow the instructions to set up a password.

Tronlink Wallet

It is imperative to back up your wallet to ensure you can recover your funds in case of any unforeseen circumstances. TronLink will provide you with a unique set of recovery phrases during the wallet creation process. Write down and securely store these phrases in a safe place. (Do not store it on your device).

Trading On The TRON Network

The Tron network is capable of supporting various decentralized applications. Tron is often used to transact, as TRX transactions come with very low fees.

In order to engage in trading activities on the TRON network, it is essential to have TRX tokens in your wallet. TRX serves as the native cryptocurrency of the TRON network and is indispensable for executing trades, interacting with decentralized exchanges, and participating in decentralized finance (DeFi) protocols.

Hence, prior to initiating any trading or transactions on the TRON network, it is crucial to ensure that your wallet is adequately supplied with TRX tokens.

The next step is to fund your wallet. You can add TRX or other TRC-10/TRC-20 tokens to your TronLink wallet. Click on the “Receive” button in your Tronlink wallet to generate a wallet address; tokens will be available in your wallet almost immediately.

Tron Wallet

You can obtain TRX using popular cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) from cryptocurrency exchanges like Binance and transfer it to your TronLink wallet address.

Note that users can also access various DEXs interfaces like SunSwap through their Tronlink wallet by clicking on the “More” button in the same row as the “Receive” button.

How To Buy and Sell Tokens Using SunSwap

SunSwap is a decentralized trading protocol built on the TRON network, with the objective of facilitating automated liquidity provision and establishing an inclusive financial market accessible to all users. By utilizing the decentralized nature of blockchain, SunSwap enables users to participate in liquidity provision by depositing their TRON-based tokens into liquidity pools.

To protect your wallet from malicious activity, ensure that you are on the correct SunSwap website. To get started, visit the correct SunSwap website and click on the “Connect Wallet” option at the top left corner, as in the image below:

Sunswap Tron

Then, select your preferred wallet (In this case, Tronlink):

Sunswap trading

Once connected, Users can commence trading activities as SunSwap is automatically linked to the TRON networks because it is a TRON-based DEX.

After accessing the SunSwap interface, the next step is to select the tokens you want to trade. SunSwap operates on a system where you can exchange your TRON-based tokens directly with other tokens.

Click on the “Select token” button to select the trading pair you want to trade against.

For example, if you want to buy USDT using TRX, select TRX – USDT, enter the amount, then click on “swap” or “trade now” and then you can go to your Tronlink wallet to confirm the transaction.

Tron wallet

Tracking Token Prices on The TRON Network

Avedex is a powerful on-chain tool for TRON network users, offering comprehensive market insights for specific tokens. It provides valuable information such as price data, contract details, and advanced analytics tools. Traders can analyze price trends, liquidity, and token fundamentals to make informed trading decisions.

Additionally, Avedex allows for token comparison, user reviews, and rating systems, enhancing the decision-making process. With integration to TRON wallets and notification features, Avedex streamlines the trading experience, enabling users to stay updated and act promptly.

Overall, Avedex empowers TRON traders with reliable information and tools to navigate the market effectively and make well-informed trading choices.

Charts

Conclusion

In conclusion, the TRON (TRX) network offers a decentralized blockchain platform that prioritizes the creation of a global digital content ecosystem. With its scalable infrastructure and high transaction processing capacity, TRON enables the swift execution of smart contracts and decentralized applications (DApps) across various sectors. The network’s developer-friendly environment provides essential resources and support for developers to build innovative DApps, fostering a vibrant community within the TRON ecosystem.

To engage with the TRON network, users need a TRON-compatible wallet like TronLink. They can obtain TRX tokens from various popular exchanges, transfer them to their TronLink wallet, and then trade on platforms like SunSwap for decentralized trading.

Overall, the TRON network offers a robust ecosystem for buying, selling, and trading tokens, while its focus on digital content and developer support makes it an attractive platform for creators and users alike.

15th December 2022

Tron Price Prediction: Why TRX Could Outperform BTC and ETH

Tron price is up over 5% and showing positive signs above $0.055 against the US Dollar. TRX could outperform bitcoin and rise further towards $0.060.

Tron price is trading in a positive zone well above the $0.0520 pivot level against the US dollar.
The price is showing positive signs above $0.055 and the 100 simple moving average (4-hours).
There is a major bullish trend line forming with support near $0.0530 on the 4-hours chart of the TRX/USD pair (data source from Kraken).
The pair is likely to start a fresh increase above the $0.0562 and $0.0575 resistance levels.

Tron Price Jumps 5%

In the past few days, tron price remained strong above the $0.0520 level against the US Dollar, outperforming bitcoin and ethereum. TRX gained pace for a clear move above the $0.055 resistance and the 100 simple moving average (4-hours).

The price traded to a new weekly high at $0.0575 and it is currently correcting gains. There was a move below the 23.6% Fib retracement level of the recent rally from the $0.0519 low to $0.0575 high. Trx price is now trading above $0.055 and the 100 simple moving average (4-hours).

It is also above the 50% Fib retracement level of the recent rally from the $0.0519 low to $0.0575 high. On the upside, an initial resistance is near the $0.0562 level.

Source: TRXUSD on TradingView.com

The next major resistance is near the $0.0575 level, above which the bulls are likely to aim a larger increase towards the key $0.0600 zone in the coming sessions. Any more gains could set the pace for a move towards the $0.0645 level.

Dips Likely to be Limited in TRX

If TRX price fails to clear the $0.0575 barrier, it could correct lower. An initial support on the downside is near the $0.0550 zone, where the bulls are currently taking a stand.

The next major support is near the $0.0540 level and the 100 simple moving average (4-hours). The main support is near the trend line and $0.0530, below which there is a risk of a move towards the $0.050 support.

Technical Indicators

4-hours MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.0550, $0.0542 and $0.0530.

Major Resistance Levels – $0.0562, $0.0575 and $0.0600.

15th November 2022

TRX Surges Over 600% Following Justin Sun’s Deal With FTX

Tron’s native token TRX has been seeing significant upside on the FTX exchange since the announcement of a potential deal that would allow users to withdraw funds. This deal is one of the only ones that have gone into effect since FTX began experiencing issues and it seems users are already taking advantage of it. However, it is not all rosy as users begin to notice the downside to this.

TRX Price Explodes On FTX

TRX token is already up more than 500% on the FTX crypto exchange over the last week on the FTX exchange. Tron founder Justin Sun had seemingly worked out an agreement with the troubled exchange to allow users to swap their crypto currently stuck on the platform for TRX tokens and then withdraw it.

This would obviously make it possible for users to swap digital assets such as bitcoin, ethereum, etc, to TRX, and then proceed to withdraw it, making it possible for them to withdraw previously stuck funds from FTX. It has naturally become a popular option for FTX users, causing the price of the digital asset to balloon on the exchange.

In just 24 hours following the announcement, TRX’s price was already up significantly. While the token’s price remained relatively low on all other exchanges, it had traded to a high of $0.43 on the FTX exchange. Compared to the $0.05 price mark that is the case across all other exchanges, it is trading at a 600% premium on FTX.

TRX price spikes on FTX | Source: TRXUSD on TradingView.com

There has been some fluctuation in the price since the token hit this new high on the platform. However, the price still remains high at $0.43 at the time of writing, with trading volumes already exceeding $630 million in a 24-hour timeframe.

Not A Good Deal

At first, converting digital assets to TRX on the FTX exchange in order to withdraw looked like a good idea, but that only lasted as long as prices on the exchange correlated with the broader crypto market. As the price of TRX inflated on the FTX exchange, the value that users were getting when they swapped their tokens quickly plummeted.

With TRX being 500% above market price on FTX, it means that the exchange’s users would only be getting about 20 cents on the dollar when they swap. This is because after withdrawing TRX from FTX, they would still have to swap the tokens at current market prices.

To put this in perspective, say someone has $10,000 worth of bitcoin and swapped it to TRX at $0.43 (current prices), they would get around 38,570 TRX. When they withdraw and move to other exchanges for sale, taking the current price on Coinmarketcap of $0.05, they would have only $1,162 after selling. This translates to roughly 12 cents on the dollar.

Meanwhile, Tron is making bank buying these digital assets for cheap as they are the only ones allowed to transfer TRX into FTX. At the current rate, they will be seeing millions of dollars in profit, presumably giving FTX a healthy cut of the proceeds.

What this shows is that it is the end users that always get screwed over in times like these. Even deals that seem to be “helpful” turns out just to be another way to exploit users who are already in a vulnerable position from the exchange’s collapse.

Featured image from Medium, chart from TradingView.com

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5th October 2022

Tron Could Be Ready For $0.1 After Hard Fight, Here Is Why?

TRX price could be ready for a short-term relief rally as the price breaks out from the downtrend, creating more bullish sentiment for a recovery.
TRX looks strong on both low and high timeframes.
The price of TRX breaks out on the daily timeframe after forming a descending triangle.

Tron (TRX) has struggled to remain bullish against tether (USDT) after seeing its price rejected from a region of $0.11 on several occasions to trend higher. Tron (TRX), despite being loved by the Tron community, the token has had its fair share of the current bear run coupled with the rumors of its decoupling from its pegged fiat token USSD. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of Tron (TRX) making moves. (Data from Binance)

Tron (TRX) Price Analysis On The Weekly Chart

The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement.

The price of TRX has struggled to remain bullish, falling from a high of $0.11 to a weekly low of $0.05, with the price looking more stable as the price looks ready to bounce off from this region.

After hitting a bottom low of $0.05, the price of TRX bounced swiftly from that region as the price rallied to a high of $0.07 as the price faced more rejection to flip this region into a support zone for TRX price.

The weekly price for TRX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. If the price of TRX continues to maintain this structure, we could see a retest of the $0.1 area.

Weekly resistance for the price of TRX – $0.1.

Weekly support for the price of TRX – $0.06.

Price Analysis Of TRX On The Daily (1D) Chart
Daily TRX Price Chart | Source: TRXUSDT On Tradingview.com

On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of TRX, as it shows more strength to rally. The price of TRX broke out of its descending triangle on the daily timeframe, with the price ready for a rally to $0.1-$0.11.

Haven reclaimed the 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for TRX price. We could see the price rallying high if the BTC remains stable. The price at $0.061 corresponds to the values of 8 and 20-day EMA acting as support.

Daily resistance for the price of TRX – $0.07-$0.1.

Daily support for the price of TRX – $0.06-$0.055.

Featured Image From zipmex, Charts From Tradingview

13th June 2022

Why Justin Sun Reported A 500% APR To Short TRX On Binance

TRON (TRX) founder Justin Sun has come out in defense of the network stablecoin, USDD. The digital asset began deppeging from the U.S. dollar value and hinted at another catastrophic event in the crypto market, like the one experienced by Terra (LUNA) and its native stablecoin UST.

Related Reading | TA: Bitcoin Dives 10%, Why BTC Could Even Break $25K

At the time of writing, the value of TRON’s stablecoin has been climbing back to its 1:1 parity to the U.S. dollar. Earlier, the digital asset started trending to the downside forcing the TRON DAO Reserve, the entity responsible for protecting USDD’s peg, to deploy $2 billion.

TRX trends to the downside on the 4-hour chart. Source: TRXUSDT Tradingview

This created an increase in selling pressure for TRX which moved to the downside on the back of this event, and a crypto market already trending to the downside along with traditional investments.

Justin Sun wrote the following via his Twitter account, at this time, TRX shorters had the opportunity to benefit from market conditions:

Funding rate of shorting TRX on Binance is negative 500% APR. Trondao Reserve will deploy 2 billion USD to fight them. I don’t think they can last for even 24 hours. Short squeeze is coming.

The TRON DAO Reserves continued to inject millions to protect the USDD peg to the U.S. dollar. Due to its mint and burn mechanism, the price of TRX broke below critical support levels but became more stable as USDD returned to its U.S. dollar parity.

In the last few hours, the entity in charge of protecting USDD claims it has increased the stablecoin’s collateralization to meet “extreme market conditions”. The collateralization rate reported by this entity stands above 300%. The entity wrote the following:

To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have increased 650,000,000 USDC supply on TRON. Currently USDC supply on TRON has reached $2.5 billion.

Who Is Buying TRX, Conditions For A Short Squeeze?

Data from Material Indicators shows thin support for TRX’s price as it approaches these levels. Currently, there are around $500,000 in bid orders with no extra support below.

This suggests TRX’s price could continue to see losses if bulls are unable to maintain current levels. Additional data from Material Indicators records an increase in selling pressure from small investors.

As seen below, retail investors (yellow and green on the chart) have been shaken out of their positions as TRX crashes. Larger investors seem more resilient and willing to buy into the current price action.

Related Reading | Bitcoin Drops To 18-Months Lows, Has The Market Seen The Worst Of It?

This could support a short squeeze scenario, as Sun claimed. However, the market continues to trend to the downside and could re-test lower levels.

Small investors (yellow and green) sell into TRX’s price action as larger investors (red and purple on the chart) buy. Source: Material Indicators

30th May 2022

Why TRON Has Seen a 45% Hike in Total Value Locked (TVL)

According to Wu Blockchain, the TRON network has seen a hike in its total value locked (TVL) over the past 30-days. This increase seems to be related to the launch of this network’s native algorithmic stablecoin USDD.

Related Reading | Tether CTO Says, USDT-Dollar Remains Strong Amid Stablecoin Crises

As reported by NewsBTC a month ago, TRON’s founder Justin Sun announced the deployment of USDD for May 5, 2022. This digital asset operates similarly to LUNA CLASSIC network’s Anchor Protocol. USDD allows users to earn a 30% annual percentage yield (APY) for staking it on the JustLend platform.

TRON launched its own algo stablecoin to capitalize on the popularity of this product. However, May has seen a massive LUNA-UST (Terra Classic’s algo stablecoin) which has impacted the crypto industry.

The crash in the price of LUNA and the UST deppeged appears to have little impact on TRON. Data from DeFi Llama supports the increase in TVL.

This number stands at $6 billion with a 14% increase in the past week alone. TRON’s TVL has grown beyond that of Polygon, Avalanche, Solana, and Fantom. If the trend continues, the metric could surpass the TVL on Binance Smart Chain which currently sits at almost $9 billion.

Further data provided by DeFi Llama indicates JustLend is the protocol with the percentage of TVL. The platform records $2.8 billion in TVL followed by JustStables’s $1.4 billion.

In a short period of time, JustLend and the algo stablecoin seem to have taken over the TRON ecosystem pushing it to the top 3 in TVL across the DeFi sector. This seems to suggest that algo stablecoin still are very popular in the crypto space, despite the events on the Terra Classic network.

Source: DeFi Llama
Can TRON’s USDD Survive After The Events On Terra Classic

Last week, a pseudonym analyst looked into USDD and the TRON ecosystem to determine if the new digital asset can withstand current market conditions. The analyst pointed at the collapse in the old Terra Classic network and its implications for all-algo stablecoins.

However, the analyst believes USDD and its network are in a different state. Right now, the TRON-based algo stablecoin, the analyst claims, is mainly supported by insiders.

Therefore, there could be room for retail and other investor classes to adopt USDD. This could benefit TRX and its ecosystem, as it seems to have recently. The analyst said:

(USDD) It is in its fairly early stages, with only insiders in. There is room for latecomers and eventually even retail to enter before it carries the same risks as Luna. Timing is everything in musical chairs. USDD mcap is at only 2.5% of UST’s peak.

In addition, the analyst believes that USDD doesn’t operate exactly like UST but “is actually more like Maker” with a different collateralization mechanism but with the buying pressure for TRX. The altcoin has been performing well compared to other assets.

Related Reading | TRON Joins Stablecoin Wars Will Launch USDD With 30% APY, Here Is When

TRX’s trades at $0.08 with sideways movement in 24-hours. Despite the downside price action in larger cryptocurrencies, TRX has been able to rally on the back of its algo stablecoin.

TRX with big spikes in its price since the launch of its stablecoin USDD on the 4-hour chart. Source: TRXUSDT Tradingview