TRON (TRX) has been one of the most promising crypto projects to date. Almost every other day, TRON is announcing new progress, new big projects, another partnership, and alike. Its creator, Justin Sun, has also managed to create one of the strongest and most supportive crypto communities around TRON.
With all of that taken into an account, TRON should be as huge as Bitcoin by now, right? Well, not quite. In fact, the coin’s value is only a fraction of a cent. However, there are multiple factors that have led to this, and the current situation is likely not going to remain forever. So, let’s take a closer look at the coin, and try to figure out when will TRON get to $1.
Why is TRON’s price so low?
In a lot of ways, the price of a cryptocurrency is one of its main representatives. This is especially true when it comes to newcomers to the crypto world, that are not yet aware of how to properly study a certain coin. With that in mind, TRON’s price would make you think that it is among the worst coins around. But why is its price so low, if the project has had so much success, especially now, in 2018?
Well, there are a few reasons. The obvious one is the bear market that has held a tight grip on the entire crypto world since January. This is old news by now, but in short, the losses were so great that a lot of coins managed to lose over 90%. Even the mighty Bitcoin is only valued at $6,400 at the time of writing, while in January its price came to $20,000.
Naturally, TRON was no exception, and the coin fell to some new lows. Another reason why its price is only $0.018648 right now is its huge circulating supply, as well as its, even larger, total supply.
When you look at Bitcoin, it’s price is dominant when compared to any other coin. No other coin even comes close, in truth. However, Bitcoin’s total supply is only 21 million BTC. Its circulating supply is barely over 17 million BTC. Now, compare that to TRON’s circulating supply of 65.7 billion TRX, and a total supply of 99 billion, and you get the idea why the coin’s value is as low as it is.
What can be done about it?
TRON has been one of the busiest cryptocurrencies around, and it has done a lot to improve its value. The value of the digital coin mostly comes from how useful it is, and TRON has made itself very useful. It did so through different partnerships, huge projects, personal expansion, and alike. However, likely due to the bear market, this was simply not enough.
The coin also tried to tackle its oversized supply through token burns. Ever since the launch of its MainNet, TRON has been transferring its coins to a new blockchain. The leftover coins that are still in form of ERC-20 tokens have been burned on several occasions so far. However, there is still too much TRX around to impact its price in any important way.
So, when will TRON get to $1?
This is a difficult question to answer, especially due to the market’s behavior. A lot of analysts have been predicting the coin reaching $1 before the end of 2018. However, that seems less and less likely to happen as we approach the date. It would take a huge change for such a jump to occur, and if nothing like that happens, the earliest that we can expect TRX to hit $1 is at some point in 2019.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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