The biggest Tron news to hit the crypto headlines in the last few days is the now confirmed partnership with Chinese internet services giant, Baidu. As the news dropped, the value of TRX rose – climbing by 5% in the twenty-four hour period leading into Thursday afternoon (UTC).
However, as notable as the Baidu affiliation might be, the more telling signs of Tron’s growth may be found in looking at its rapid adoption rate.
As Tron founder and CEO Justin Sun tweeted on Oct 17th:
“As of October 17th, 19:00(SGT), TRON mainnet accounts surpassed 500K, the growth speed remains 100K per month, since TRON mainnet was launched less than four months.”
As covered here earlier in the month, the Tron account creation rate is double that of EOS, which has acquired just 100,000 new accounts in the same time period. Even after having launched a year-long ICO which eventually raised $4 billion, the EOS blockchain currently holds 25% less accounts than that of Tron.
In the first week of October, Justin Sun told media interviewers that he was targeting a 2019 date for Tron’s return to the top ten cryptocurrencies. Sun originally said:
““If we look at the top 10 cryptocurrencies, many of them are not motivated to continue innovating or improving their product. They represent the older generation of cryptos. TRON, on the other hand, is a young company with cutting edge technology, with much more room for growth. We are confident that TRON will surge into top 10 in the next 6 months.”
Even at the time of the statement, this seemed like an uncharacteristically conservative estimate from the Tron CEO. Since that time, Tron has moved up the rankings from 13th place to 11th – now just over $100 million behind Monero (XMR).
Despite recent dips, TRX is still 12% more valuable than this time last week, and 34% more valuable than this time last month. If the current rate of growth holds steady, another 10% boost by would be enough to displace Monero and send Tron back into the top ten spot it occupied for most of 2018.
In the previous twenty-four period, the value of one TRX coin climbed from $0.023766, up to the $0.024938 valuation recorded at 11:30 UTC. The movement was carried out without much of a change to overall volumes, which have remained between $104 million and $112 million for the last two days.
Today’s 5% boost seems to have been a response to the Baidu news, which was teased out for several days by Justin Sun. Details later emerged that the Baidu venture would not necessarily be blockchain-based, and instead would see Tron employ Baidu’s services and infrastructure in its testing.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.