Tron (TRX) price prediction 2018: Is it too late to buy Tron?
Tron is up over 120% in less than 24 hours. Is it too late to make money on TRX?
Off the back of some news from its founder, Tron has had a huge week, pushing itself up to become the seventh biggest cryptocurrency based on market value. Like many of the fast growing coins and tokens at the moment, Tron's TRX isn't trying to be a new currency but rather is used as part of its blockchain based system which is trying to be a worldwide free content distribution system. It wants to do this by allowing users to freely publish, store and own data. In this decentralized autonomous form, the user decides the distribution, subscription and push of contents and enables content creators by releasing, circulating and dealing with digital assets.
Why Tron could keep growing
It has some big partnerships coming up
To grow, it's crucial that Tron finds meaningful partnerships to build upon. This is why the news of potentially big partnerships with NASDAQ listed companies had such an effect on the price. Late last month, Tron announced it had signed a new deal with Singapore bike-sharing company oBike, which has 10 million members across Asia, Europe and Australia. The deal will see oBike launch its own token based on Tron called oCoins for users to pay for rides. Riders can also earn oCoins the more they ride, those coins can then be used not only for more rides but to also buy content on the Tron platform. Currently, content partners on the Tron platform include live-streaming app Uplive and community audio service Peiwo. It's also been heavily rumoured that Chinese giant Alibaba could partner with Tron due to the connections between Tron's Justin Sun and Alibaba founder Jack Ma. This could also be one of the companies Sun was talking about when referring to a NASDAQ listed company, as Alibaba listed on it in 2014 with the world's largest ever IPO.
Tron's founder is a very respected Asian tech leader
Justin Sun is very respected across Asia. He personally knows Alibaba founder Jack Ma and even received a scholarship to his school in China. Previously he founded China's Snapchat competitor Peiwo, which is one of the partners of Tron at the moment. He also led Ripple's efforts in Asia before starting Tron, which helped him push his reputation with partners, tech companies and finance companies throughout the region.
Despite its rise, it still hasn't really been noticed by the Western markets
Most of Tron's growth has come from Asia, where it's based. Most of the chatter around it has also come from the Asian markets, particularly in China and South Korea. Likewise, it's only just starting to be picked up by bigger Western exchanges – in Australia this includes Coinspot. If it manages to jump on a platform such as Coinbase which attracts casual buyers, it has the potential to explode even more.
How big can Tron get?
Like Ripple, Stellar and other currencies that have been shooting up recently, their success all rides on how well they can partner. Tron seems to be on the right track, and if the partnerships Sun has teased recently are as big as he claims, it could see that reflect in Tron's price.
The price has been soaring lately in anticipation of these partnerships. Some have predicted with the rise of altcoins and Tron's partnership we could see it hit US$1 by the end of the month, and even US$3 by the middle of the year. But again, this is all based on the assumptions that founder Justin Sun can pull off these partnerships and they're a success.
- Aeternity and decisions in cryptocurrency design. Part 2: Governance
- IvyPay: A new way of paying bills with crypto or cashing out in Australia
- SIX to start trading cryptocurrency ETP next week
- Hash Wars: Bitcoin Cash ABC takes early lead, but it’s not over yet
- CoinDesk unveils the “Crypto-Economics Explorer”