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TRON becomes legal tender in this country: Here’s how TRX will be affected

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TRON becomes legal tender in this country: Here's how TRX will be affected
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  • St. Maarten announced plans to adopt TRON as a legal tender. 
  • TRX’s price reacted positively and so did the metrics. 

TRON [TRX] reached another milestone on 24 January, taking another step towards the network’s goal of increasing its global adoption. Justin Sun, the founder of TRON, revealed that St. Maarten announced its plans to adopt TRON as legal tender. 

Read TRON’s [TRX] Price Prediction 2023-24

According to MP Rolando Brison, Leader of the United People’s Party, by working with TRON as its chosen blockchain infrastructure, St. Maarten could gain access to TRON‘s rapidly expanding and inclusive global ecosystem, which would help boost the island’s appeal for foreign travelers, who are crucial to the local economy.

Brison mentioned:

“Allowing cryptocurrency to continue totally unregulated in St. Maarten is extremely risky, and we have to be proactive. Hence, I use my right of initiative to bring this law with TRON Protocol at the forefront, with possibilities later for other blockchains to be incorporated.”

TRX responded accordingly

TRX was quick to react to this development by registering gains on its daily chart. According to CoinMarketCap, TRX’s price increased by 2% in the last 24 hours. At the time of writing, it was trading at $0.063, with a market capitalization of over $5.7 billion. TRX’s performance on the metrics front also looked quite promising. 

For instance, TRX’s one-day price volatility registered an uptick, thanks to the recent price gains. The network’s social volume also went up, reflecting its increased popularity.

Furthermore, TRX was also in demand in the futures market as its Binance Funding Rate remained high. However, TRX’s development activity declined over the last few days, which might be troublesome for the network. 

Source: Santiment

Is your portfolio green? Check the TRON Profit Calculator

Good news for TRON investors

TRON’s daily chart suggested that investors could also celebrate its latest achievement, as most market indicators were supportive of a continued price hike. The Exponential Moving Average (EMA) Ribbon revealed a massive bullish advantage in the market.

TRX’s Relative Strength Index (RSI) was also considerably above the neutral mark. The Chaikin Money Flow (CMF) registered an uptick, which further increases the chances of a northbound price movement.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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