Over the past few years, a wide range of cryptocurrencies have come up following the wild success of Bitcoin. One of the more popular coins is Tron (TRX). Like many other cryptos, Tron (TRX) had also made significant gains this year, but more good news could be around the corner as the United States Securities and Exchange Commission takes a closer look at this asset class.

Justin Sun, the man who is behind the creation of Tron, is well known for his skills as a marketer and it remains to be seen whether he can convince the SEC to declare the cryptocurrency as a utility rather than a security.

Analysis: TRON

People who are invested in Tron say that the crypto is a utility and not a security. However, if the SEC is going to be convinced on that point then it needs to be shown that the coin has a specific use case. If it does not, then there is the possibility of it being classified as a security and that will be a damaging development. However, it has emerged that the SEC could take a much more lenient view of the situation in order to promote innovation and could, in fact, issue the coveted ‘no-action letter’ to Tron or to any other cryptocurrency.

TRX has been trending up before a recent pullback, this minor correction may prove to be a viable trading opportunity for those who are interested. Experts believe that the Tron price is going to decline to 31 cents before making a move upwards.  Over the past week, TRON has jumped over 5%.

Due to the latest events, particularly those with relation to the SEC and Justin Sun, the trading volume in the cryptocurrency shot up significantly on 1 June. The trading volume rose to 31 million as opposed to the average volume of 14 million.

TRON is currently trading at $0.0304, down by 3.45% over the past 24hrs. TRON current market capitalization is $2.36 billion. Over the past 24 hours, TRON’s volume stands at $1.70 billion.

 

 

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Elijah Vega
Independent Blockchain and Crypto Writer at Economic Gazette. I love fine wine and the Independence of being a writer.