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Tron [TRX] fails all; shows 25% hike in 7 days to claim victory

Priyamvada Singh

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Tron [TRX] fails all; shows 25% hike in 7 days to claim victory
Source: Pixabay

Tron [TRX], the eleventh largest coin in the world has shown zest by claiming itself as the weekly winner. At the beginning of the week, the token was trading at a lowly price of $0.011 with a market cap of $756.9 million. As the days went by, TRX began taking the high road and landed at an appreciated price of $0.016 with a market cap over a billion dollars at one point.

TRX 7-day price chart | Source: coinmarketcap

TRX 7-day price chart | Source: coinmarketcap

At press time, TRX is trading at $0.014 where its market cap is $960.3 million. Currently, the 24-hour trading volume is recorded at $76.6 million.

Recently, Tron also saw adoption when it got listed on a popular cryptocurrency exchange called MBAex. The main coins TRX was paired with were Bitcoin [BTC] and Tether [USDT]. In an announcement related with the listing, Justin Sun, the Founder and CEO of the Tron Foundation, wrote:

“TRX will be listed on @MBAexOfficial, South-East Asia’s biggest blockchain assets trading platform powered by blockchain technology. #TRONICS can deposit #TRX on December 6(SGT) and trade TRX/BTC, TRX/USDT, TRX/MDP on December 7(SGT). #TRON $TRX”

In another success story, Tron was also reported to have reached a milestone by surpassing 2 million transactions and over 700,000 registered accounts. This victory was credited to Tron Arcade, which is an investment path for the Foundation to strengthen its grip in the gaming industry.

Sun also compared the number of transactions with that of Ethereum [ETH], who is the blockchain competitor of the TRX ecosystem. Many times, the leader has also claimed that the ecosystem will surpass Ethereum’s numbers in the upcoming future. To acknowledge this success, Tron Foundation on Twitter also wrote:



“Congratulations on #TRON mainnet accounts surpassed 700,000 in 162 days.”

Philippe Bourdeau, a cryptocurrency and blockchain enthusiast on the foundation’s tweet, wrote:

Is this news as legit as your whitepaper?”

cryptofancool, another user and a blockchain space follower also commented:

“Congratulations I must admit that I am not a fan of the method used. But the results are there and the investments are present. congratulations and good luck”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

Rabobank announces plans to drop its crypto-project

Sarvesh Kumar

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Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,



“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.





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