Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
TRX is one of the legacy digital currencies around today but which have also been impacted by the ongoing crypto winter.
The digital currency ecosystem has evolved over the years and despite the twists and turns, it has become a self-sustaining industry where users earn both passive and active from. The industry’s growth has seen the emergence of unique avenues to make money including staking, mining, yield farming, lending, and borrowing.
Besides these established avenues for earning profits, newer ways are emerging featuring blockchain gaming. In this reality, users are often enamored with blockchain protocols that offer ways in which these opportunities can be harnessed. Tron comes off as one of these major protocols.
The Tron protocol is a blockchain network conceived by Justin Sun in 2014 but finally launched in 2017 on the Ethereum protocol. In the early days, the network’s native token Tron (TRX) was designed as an ERC-20 token but was finally moved to the Tron blockchain in 2018.
Tron operates using the delegated Proof-of-Stake (dPOS) consensus mechanism, a model that makes it even more efficient than the Proof-of-Work (PoW) model that Bitcoin (BTC) uses and the Proof-of-Stake (PoS) that protocols like Ethereum (ETH) uses. Proof of its unique strength can be seen in the number of transactions it processes per second (TPS). This comes to 2000 when compared to the relatively lower TPS on record for Bitcoin and Ethereum.
Tron Price Predictions
TRX is one of the legacy digital currencies around today but which have also been impacted by the ongoing crypto winter. The coin has been beaten severely this year with prices dropping from a high of $0.1291 in the past year to a low of $0.0458, although the cryptocurrency is currently trading at a price of $0.05411, up 0.31% over the past 24 hours.
TRX might be suffering from this crypto winter, but we can say it has weathered the storms much better than most of its peers. Its resilience has constantly pushed it to the top of analysts’ radar in terms of price predictions.
While the times are changing considerably, Tron price prediction for the rest of this year is predicted to hit a lower and upper range of $0.065 and $0.072. As should be expected, there may be a deviation from these predictions, however, this can serve as a unique guide for investors and observers trying to make sense of the coin’s current price action.
For 2023, TRX is expected to continually showcase its resilience, even though many are optimistic that the ongoing strain in the industry would have been over by then. Experts project a lower-range growth of $0.13 by the end of the first quarter and an upper-range growth of $0.14. The full-year guidance shows the coin could soar as high as $0.18 with $0.17 being the lowest level it can attain by year-end.
In the long term, there is a broad expectation that the TRX coin would grow to almost $1 even though some experts predicted headwinds for the coin by 2030.
Backing the Predictions With Ecosystem Functionality
Tron is increasingly becoming important and the growth of its ecosystem through the proactive partnerships Justin Sun is creating is bound to keep the protocol relevant into the future. As such, the blockchain network has what it takes to sustain the ambitious price predictions from experts both in the short and long term.