TRON (TRX) is the Second Most Preferred Cryptocurrency in China - Coindoo

TRON (TRX) is the Second Most Preferred Cryptocurrency in China

Editorial Team Avatar
Oct 28, 2019
2 min reading time

TRON is apparently becoming China’s second most preferred cryptocurrency, according to CCID Crypto Ranking report. TRX comes immediately after EOS, which has always been on top based on its innovation.

TRON embraces a high network activity and presents itself as one of the most actively growing blockchains with more than 3.9 million accounts. Besides, the TRON network delivers the fastest speed, based on its ability to send transactions through a series of Super Representatives. The network supports a growing number of distributed apps and the minting of USDT, all of which boost its position.

Some people have attributed TRON’s new ranking to the recent remarks by China’s President to “accelerate blockchain investment and development.” Given its position as one of China’s largest cryptocurrencies by market capitalization, TRON would be the biggest beneficiary of China’s renewed interest in blockchain and cryptocurrency.

Questions About TRX Credibility

However, TRON faces multiple issues, most of which relate to its credibility. During the altseason in 2017, the TRX market price surged to unprecedented levels above $0.15, which was never repeated. Besides, the crypto community expected TRX price to spike to $1, which created a FOMO situation yet the market price continued to dip, crashing to lows of $0.012. Additionally, TRON is known for its tendency to overstate events and milestones surrounding its network launch. The network’s co-founder, Justin Sun, is known for creating hype on social media.

TRON ICO Had Issues with Authorities

TRON’s latest rankings also bring to the fore the question about its ICO. In 2017, TRON ICO had issues with Chinese authorities. The authorities only warmed up to the project nearly two years after its ICO. TRON found itself on the wrong side during China’s ban on domestic ICOs. The asset also witnessed sub-penny prices during its ICO, with some buyers even having the opportunity to withdraw their purchases of TRX introductory tokens on Binance.

All the same, with the new rankings, the crypto community waits to see how things will unfold for the tenth-largest cryptocurrency by market size.

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