Why is Tron (TRX) crypto rising amid a market crash?

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Why is Tron (TRX) crypto rising amid a market crash?

Why is Tron (TRX) crypto rising amid a market crash?
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Highlights:

  • Tron, developed by the Tron Foundation, is a decentralized operating system based on blockchain technology.
  • The TRX token is available for trading on several exchanges like KuCoin, Binance, etc.
  • The TRX token returned gains of over 4% in the last seven days.

The crypto market continued its fall on Thursday, May 19. Despite cryptos’ growing popularity, the cryptocurrency space is highly volatile. The market slumped 2.69% to US$1.25 trillion on Thursday morning, while its volume rose 8.63% to US$86.13 billion in the last 24 hours.

However, some cryptos, like Tron (TRX), saw positive momentum, catching investors’ attention. It was up 2%, and its volume soared 5% in the last 24 hours.

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What is Tron (TRX) crypto and why is it rising?

Tron, developed by the Tron Foundation, is a decentralized operating system based on blockchain technology. Launched in 2017, the TRX tokens were originally created as ERC-20-based tokens deployed on Ethereum, however, they shifted to their network after a year.

The project initially focused on offering full ownership rights to content creators. Its main focus is to help and encourage the digital content developers who generally make small income by rewarding them. Unlike YouTube, Facebook, etc., Tron claims to allow consumers to reward their content creators directly, without any intermediaries.

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The Tron software supports smart contracts, different blockchain systems, and decentralized applications. It makes the transactions through a public ledger called UTXO, enabling users to keep track of the operations. The platform aims to decentralize the internet and operate as a tool for developers to create decentralized applications. Users can create and deploy the DApps on Tron Network and receive compensation in digital assets for their work.

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The TRX token is available for trading on exchanges like KuCoin, Binance, Bitfinex, etc.

Tron is one of the sponsors of the CoinMarketCap’s (CMC) conference, The Capital 2022. It has joined hands with CMC to launch a US$10,000 Airdrop. CoinMarketCap announced on Thursday that one could get a chance to win the TRX tokens by registering for the conference.

The US$10,000-Airdrop will be distributed among 1,000 winners, and each recipient will get US$10 worth of TRX tokens. Tron also said that it is now listed on the BitMex exchange.

Also Read: Why is IDEX (IDEX) crypto up over 122%?

Tron (TRX) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The TRX coin was priced at US$0.07359 at 8:09 am ET on May 19, up 2.74%, while its volume for the last 24 hours surged 5.45% to US$1.00 billion. It has a market cap of US$7.16 billion, and its fully diluted market cap is US$7.08 billion.

The token has a total supply of 97.34 billion, and its current circulating supply is more than 97.35 billion. It returned gains of 4.87% in the last seven days while increasing 19.86% over the last 30 days. The token saw the highest price of US$0.09087 and the lowest price of US$0.06176 in the last 30 days.

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