Is TRON (TRX) a Good Investment in 2024?
TRON (CRYPTO:TRX) operates a blockchain platform for running smart contracts and building decentralized applications (dApps). This cryptocurrency is similar to Ethereum (CRYPTO:ETH), starting out as an Ethereum token before switching over to its own blockchain.
In the years since TRON was launched, it has built an ecosystem of dApps and other projects. So, is it a good investment? Should you buy TRON in 2023?
Read on to learn more about TRON and its native cryptocurrency, Tronix, as well as why you should or shouldn’t invest in it.
Start investing in Crypto Tokens now with ByBit!What is TRON (TRX)?
A blockchain-based decentralized digital platform, Tron has its own cryptocurrency called TRX, which stands for Tronix. Tron was founded in 2017 by the Tron Foundation, a Singapore-based non-profit organization dedicated to sharing digital content in a cost-effective manner.
Initially marketed primarily in Asia, Tron is now available worldwide. As of January 2023, there were more than 50 million accounts on the platform.
Tron was founded by Justin Sun, who is now its CEO. The company has offices in Singapore and San Francisco. Sun was born in 1990 and serves as the CEO of BitTorrent.
Through blockchain technology and peer-to-peer networks, Tron eliminates the middleman and allows content creators to sell directly to consumers. Tron's platform is powered by the Solidity programming language, which is used to develop apps.
Tronix, or TRX, is the network's currency. In order to access the applications on the network, users must pay TRX directly to the content creators. Tron does not charge a transaction fee to content creators. The platform also offers free TRX transactions.
There are several ways in which users can store their crypto assets: desktop, mobile, and hardware wallets.
Some of the building blocks of the Tron network are similar to those of the Ethereum platform, such as decentralized applications (dApps), smart contracts, and tokens. A critique of its platform has been that it "went too far" by borrowing instead of building the basics.
Cryptocurrency traders seem to be becoming more competitive with Tronix and Ethereum. USD Coin, a cryptocurrency linked to the US Dollar, began circulating on Tron surpassed $108 million less than a month after its launch.
TRON Price Performance
| Tron Price 1y Return | -46.06% |
| Tron Price 1m Return | -1.22% |
Top 5 Reasons To Buy TRON in 2024
1. Decentralized Blockchain
Decentralized autonomous organizations (DAOs) remain popular within the crypto sector. You can think of a DAO as a series of smart contracts that members can vote on in order to determine how the organization should proceed in the future. Using DAOs, the community can develop platforms based on community guidelines in a decentralized and democratic manner.
The growing adoption of cryptocurrencies can be attributed to the decentralization of society. Most cryptos are moving toward decentralizing money issuance and distribution, but Tron does something a little bit different. It decentralizes the distribution of online content.
People can share content like documents, movies, and other content on the Tron blockchain and get paid with Tron. This was the entire purpose of integrating Bittorrent. With more people using the platform for content distribution, Tron's demand will grow. As a result, its value will increase over time.
2. The Price Has Corrected Significantly
While short-term price action is a key determinant of investment flow into an asset, it is not the only factor. Currently, Tron's price action is bullish. According to volume oscillators, Tron is experiencing strong trading activity. A number of key indicators, including moving averages, are also bullish.
Buying Tron now is a good idea because of this bullish price action. Due to the fact that more people will purchase this asset to pursue gains, the price will rise. In anticipation of short- and long-term profits, this is a valid reason to buy Tron.
3. Staking
There are a few crucial reasons for staking. One of the benefits is that it allows users to earn passive income. The main purpose of it is to keep the network safe.
TRX users stake their tokens at a ratio of 1:1. Those who stake more earn more TRON Power. TRON Power is one of the most important components of the TRON network. As one example, it is used to elect Super Representatives. TRON Power can be converted into TRX after three days.
4. Security
The Tron blockchain is one of the most secure on the market. There has never been a hack on Tron since it was launched. In addition, the project regularly offers bounties to anyone who can find bugs within the code.
Besides incentivizing the good guys to act, this also serves as a deterrent to potential bad guys. Identifying a bug and getting paid $100k is a much easier task than trying to hack Tron.
Security is also a key incentive for investors in Tron. The security of their investments will never be compromised, so they will never lose the value of their investments. Tron's security, coupled with its strong use cases, make it a good investment.
5. TronDogs
A Tron game known as TronDogs has quickly gained popularity. This game allows people to purchase virtual dogs, breed them, and create new breeds. Once the breeds have been developed, Tron can be used to sell them.
A coin burn feature is also included in TronDogs. If TronDogs are not cared for, they will die, and their value in Tron will diminish.
Several reasons make TronDogs important to Tron. The Tron blockchain becomes more liquid as a result. This is due to the fact that users are required to use Tron in order to play. In addition, the supply of Tron is reduced as a result of burning the coins. Long-term, this will increase Tron's value.
Despite Tron Dogs' popularity, the Tron network has not been overwhelmed, which is an indication of Tron's scalability. Tron has a bright future, making it a good investment.
Top 3 Reasons Not to Buy TRON (TRX)
1. Controversy
TRON has been the subject of controversy like any major cryptocurrency project. Much of the project's protocols appear to be derived from other platforms, which has been a major source of concern.
In its whitepaper, TRON fails to mention multiple protocols from IPFS and Filecoin (Bitswap, PoRep, PoSt). The lack of references led some in the community to voice their opposition.
According to Sun, the confusion was caused by bad translations, not forgery. In the original Chinese version of the whitepaper, several details were left out by the translators. In spite of his claim, other members of the community pointed out issues with the Chinese version as well.
2. Responsive to News About Bitcoin
In bullish days and bearish seasons, all cryptocurrencies usually follow the patterns of Bitcoin. A Twitter handle mentioning Tesla selling its bitcoin holdings caused TRX to not show resistance after Elon Musk replied, "Indeed.".
TRX plunged to new lows after China prohibited the use of cryptocurrencies. As a result, TRX is highly vulnerable to negative news about parent cryptocurrency Bitcoin, regardless of numerous partnerships, integrations, and dApps. This has resulted in TRX's price not commanding a higher level. As a result, there is tension on social media platforms (Facebook, Twitter, and Reddit) about the project's future.
Due to more people purchasing dips after the crash, the crypto market is gradually recovering. A strong regulatory regime could lead to the disappearance of TRX as one of the first mainstream cryptocurrencies.
Because of the market's uncertainty, you should keep an eye on your digital assets investment. There is a high level of risk involved in investing in cryptocurrencies. The risk of losing everything you own is high if you don't diversify. You can avoid irrecoverable losses by investing in TRON alongside less volatile assets such as gold, silver, stocks, and other commodities.
3. Lost Its Spot in the Top 20 Digital Assets in the World
TRX was the 16th largest digital asset in the world when Trading Education conducted its last extensive study in January 2023. TRX was the 29th most valuable digital asset in January 2023. $7.5 billion is its market capitalization.
TRX is gradually losing steam in the crypto finance sphere with its ability to be used as a transactional currency on millions of merchant sites as well as power the TRON Network.
TRX may fall below the 30th rank in digital asset valuation with more developments coming onto various cryptocurrency platforms in the future.
Top 5 Tips for Buying TRON
1. Accumulate position gradually at different price levels
2. Use technical analysis to identify key levels on the chart to increase positions and wait for them.
3. Do not invest more than you can afford to risk, do not use credit funds. You need to remember about the high volatility of this cryptocurrency.
4. Use staking as a smart long-term investment.
5. Make TRON part of a wider investment portfolio of cryptocurrencies, stocks and other assets, do not put all your eggs in one basket
Where to Buy TRX
When To Buy TRON? TRON Price Analysis
Tron price prediction by TU is prepared automatically on the basis of technical analysis of moving averages and indicators for each timeframe (interval) separately. Select the timeframe you need to find out Tron price prediction today.
NOTE!
Signals may differ on different timeframes. If you want to buy TRX and hold the cryptocurrency for longer than one week, it is best to use the signals on daily and weekly timeframes. Timeframes from 5 minutes to 1 hour are best suitable for short-term transactions.
How High Can TRON Go in 2024, 2025, 2030
TRON Price Prediction 2024
The TU analysts also expect moderate growth of Tron coin price. According to their forecast, TRX price can reach a range of $0.0682085 - $0.1003066 by the end of 2023.
| Month | Minimum Price | Maximum Price | Average Price | Change |
|---|---|---|---|---|
| November 2023 | $0.0680628 | $0.1000923 | $0.0800738 | 31.38 % |
| December 2023 | $0.0682085 | $0.1003066 | $0.0802453 | 31.67 % |
TRON Price Prediction - 2025, 2030, 2033
| Year | Price in the middle of the year | Price at the end of the year | Average growth, % per year |
|---|---|---|---|
| 2023 | $0.0647 | $0.0689 | +11% |
| 2023 | $0.0675 | $0.0697 | +13% |
| 2024 | $0.0700 | $0.0731 | +18% |
| 2025 | $0.0777 | $0.0877 | +42% |
| 2026 | $0.0976 | $0.1074 | +74% |
| 2027 | $0.1171 | $0.1267 | +105% |
| 2028 | $0.1317 | $0.1162 | +88% |
| 2029 | $0.1237 | $0.1311 | +112% |
| 2030 | $0.1209 | $0.1273 | +106% |
| 2031 | $0.1337 | $0.1400 | +127% |
| 2032 | $0.1463 | $0.1526 | +147% |
| 2033 | $0.1512 | $0.1571 | +154% |
| 2034 | $0.1630 | $0.1689 | +173% |
Should I Invest in TRON (TRX) Right Now? Conclusion
In order to protect themselves from negative price volatility, investors must create a proper strategy to invest in TRX, just like any other cryptocurrency.
Before investing in TRON, several factors need to be considered. The risks and rewards you face as a trader or investor must be weighed carefully. How does investing in TRON compare with possible risks? Do the potential rewards outweigh the possible risks?
It is true that Tron has many great factors, including the largest stablecoin pool, the ability to process more transactions, and partnerships with Samsung, MixMarvel, and Opera Browsers.
However, TRX has lost its position as a top 30 most valuable digital asset. In this sense, it is far away from its main market rivals like DeFi, Ether, and Cardano. Furthermore, TRON isn't the most popular blockchain among blockchain supporters and isn't the most popular cryptocurrency around the world.
So, if you choose to invest in TRON, invest at your own risk, and remember to never invest more than you can afford to lose.
FAQs
Is TRON a good investment for the future?
In contrast to other coins, such as Bitcoin, TRON has a roadmap in place, which makes it a good investment for the future. Additionally, TRON has a number of technical advantages over other cryptocurrencies.
Where can I buy TRON crypto?
The TRON cryptocurrency can be purchased on most cryptocurrency exchanges and brokers.
Will TRON reach $1?
Yes. But investors must be patient if they wish to see TRX hit $1 per TRX in the near future. This is not expected until at least 2026.
Is TRON a coin or token?
Despite being a separate coin today, Tron was once an Ethereum-based ERC-20 token. Tronix operates on a few principles, including decentralization. There is no central authority controlling any data on the blockchain.
Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!