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Will ChatGPT help TRX in the wake of Tron’s assistance to OpenAI?

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Will ChatGPT help TRX in the wake of Tron's assistance to OpenAI?
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  • TRON to provide an AI-oriented decentralized payment framework for AI systems.
  • TRX’s Galaxy Score was bullish but the daily chart revealed reasons for concern. 

Justin Sun, the founder of TRON [TRX], recently expanded on the information related to TRON’s partnership with BitTorrent.

As per the official tweet, TRON will provide artificial intelligence (AI)-oriented decentralized payment framework for AI systems like ChatGPT. 

Justin Sun mentioned that the framework includes the payment layer protocol, the underlying calling SDK, the chain’s smart contract system, and the AI payment gateway.

TRON will be using the decentralized BitTorrent file storage system’s smart contract framework to store user queries and AI findings. 

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

Meanwhile, TRON DAO also published its weekly highlights, mentioning all the notable developments that happened in the last seven days.

The most significant one was the launch of the TRON Climate Initiative. With this new program, TRON will be inviting other organizations to drive the blockchain industry toward sustainability and environmental stewardship. 

Thumbs up for TRX

These developments might have played a role in helping TRX gain more faith among investors. Santiment’s chart revealed that positive sentiments around TRON increased over the last few days.

TRX’s development activity has also increased, which is a positive sign because it represents developers’ efforts to improve the network.

Interestingly, TRX’s 1-week price volatility registered an uptick after declining for quite a few days. Moreover, the coin’s volume also increased, which by and large was an optimistic signal.

On the other hand, TRX’s Binance funding rate remained consistently high. Thus, reflecting its demand from the derivatives market. Furthermore, LunarCrush’s data revealed that TRX’s Galaxy Score was healthy, which can be considered a piece of good news. 

Source: Santiment

How much are 1,10,100 TRXs worth today

This can bring trouble

While the metrics looked promising for TRX, its price action was not up to the mark. According to CoinMarketCap, TRX’s price increased by just more than 1% in the last seven days.

At the time of writing, it was trading at $0.06434 with a market capitalization of over $5.9 billion. TRX’s daily chart highlighted quite a few concerns, which might lead to a price decline in the days to come.

For instance, a rising wedge formed on its daily chart, which was a bearish signal. Moreover, as TRX’s price increased slightly, its Chaikin Money Flow (CMF) registered a decline.

However, the Relative Strength Index (RSI) still remained bullish as it was comfortably above the neutral mark. 

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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