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Tron forays into memes with this partnership, what does it mean for TRX

Meme tokens and their ecosystems receive backing from Tron and BitTorrent. TRX responded positively by registering gains.

Published

2 years ago

on

  • Apart from the partnership, TRX staking improved as staking ratio exceeded 48%.
  • A few on-chain metrics looked bullish and suggested a continued uptrend.

Huboi on 6 May announced a new strategic partnership with Tron [TRX] and BitTorrent [BTT] to launch a new Memeverse Carnival event. As a part of this partnership, Tron and BitTorrent will provide comprehensive support for the development of meme tokens and their ecosystems.

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

What is it about?

As per the official announcement, the TRON DAO Ecosystem Fund will establish the Memeverse Fund, with a fund size of 20 million TRX, to reward the most popular meme token projects in the Tron ecosystem.

Based on their popularity and ranking, Huobi and Poloniex will encourage meme projects as much as possible.

Additionally, Tron will also support innovative meme projects with unique token designs and concepts, like the trending ones on Arbitrum and other chains.

This can have a larger impact on the Tron ecosystem considering the recent popularity of

Pepe [PEPE] and other memecoins. It can help improve sentiments around Tron over the coming days, which at press time were negative.

Source: Santiment

TRX staking is also improving

Apart from this, TRONSCAN posted a tweet on 6 May that looked optimistic for the Tron ecosystem.

Tron Staking, which was struggling to pick pace a few days ago, has registered a promising uptick of late. As per the tweet, the TRX staking ratio exceeded 48%, which was positive as a higher staking amount can make the PoS-based blockchain network more secure.

In addition to that, another piece of good news was an increase in the number of TRX stakers. Staking Rewards’ chart showed that TRX stakers increased in the last seven days. At press time, TRX staking had a market capitalization of $2,747,684,402. 

Source: Staking Rewards

Realistic or not, here’s TRX market cap in BTC’s terms  

Tron investors have a smile on their faces

While all these things happened, TRX continued to increase in value. According to CoinMarketCap, TRX’s price increased by more than 4% in the last seven days. At press time, it was trading at $0.07053, with a market cap of over $6 billion.

TRX’s volume remained high, suggesting investors’ willingness to trade the token. As per LunarCrush, TRX’s Altrank improved last week, which is a typical bull signal. However, TRX’s demand in the derivatives market was low, as evident from its red Binance funding rate.

Source: Santiment

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