The latest move by Tron illustrates how lesser-known altcoins can attempt to popularize themselves by working toward accommodating institutional buy-in.
In a February 23 social media post, Tron leader Justin Sun talked about features being added via a hard fork in coming weeks.
Some of these features, according to his reveal, will include multi-signature support and various account management options – changes you might describe as ‘administrative,’ and changes that make sense in trying to promote trying to an institutional audience.
Sun also indicated that the new hard fork would also favor “dynamic energy adjustment” and an events server for decentralized applications, which we assume would be related to monitoring relevant events and handling server activity.
When many of us first think of Tron, what first comes to mind is the acquisition of BitTorrent and Tron’s trailblazing in decentralized apps including gaming and online betting platforms.
While analysts cite BitTorrent popularity as a mark in Tron’s favor, others are more circumspect.
“Some commentators have taken a dislike to Tron, with Stellar (XRM) Jed McCaleb lambasting the platform in an interview over the new year,” writes William Suberg in Cointelegraph today, talking about some of Tron’s storied history. “Last month, BitTorrent completed an initial coin offering to raise funds, hitting its token allotment in minutes, with its price since spiking to 600 percent of its value at the point of issuance.”
But maybe Tron is trying to pivot toward an institutional audience because of the overwhelming amount of activity that government offices and businesses are putting into cryptocurrency adoption.
Although Tron is currently down from recent highs, it is slightly up over 6 months, although it is way down over a year. A spike in May above 8 cents is probably something that TRX will not soon see again.
“Traditionally hard forks and network upgrades are bullish for crypto assets but in light of the recent massive market dump the effect on prices may be harder to ascertain this time,” writes Martin Young at NewsBTC today, looking at long term prospects for Tron as well as Ethereum as that currency nears its own hard fork. “A flippening (sic) is imminent and Tron is now only $10 million or so away from Stellar in eighth place in terms of market cap. TRX currently has $1.63 billion market cap and is likely to climb the charts again this week.
Over the past week TRX has remained stable despite the huge market wide pump and dump. In 2019 it has been one of the top performing altcoins with a gain of 30% since January first. This week’s hard fork and network upgrade is likely to push prices even higher for TRX.”