There are three big reasons why investors believe this $9.6 billion crypto asset can overtake Ethereum and see its price explode.
Market fundamentals and blockchain analysis point to Tron, an emerging crypto asset, as a candidate for significant price gains in 2024.
Perspective: As established digital assets are increasingly adopted by the world’s largest financial institutions and developers continue to innovate in the space, the runway is clear for the world’s next crypto projects to establish themselves.
Based on its popularity in the Asian market, its potential as a smart contract platform, and more, there is reason to believe that Tron is next up.
“Tron is the 13th largest cryptocurrency by market cap.,” explained Austin Arnold in the video above. “Think of them like an Ethereum killer, or more like Asia’s version of Ethereum, in the sense that they are a smart contract platform you can build on top of.”
More details: There are three major reasons why analysts see Tron as a crypto asset poised for a breakout: increasing value in its ecosystem, a decreasing supply token dynamic, and its role with a major stablecoin.
“DeFi is booming on Tron’s blockchain,” Aaron Arnold pointed out. “The total locked value on the Tron ecosystem has increased from 30 million TRX, their token, in April 2020, to today, 76 billion TRX.”
Aaron Arnold also outlined Tron’s “token burn” protocol that has been decreasing its supply for more than a year as transactions increase.
“Tron has become the biggest blockchain for the largest stablecoin, Tether, in the world,” Aaron Arnold added. “Tether’s stablecoin is USDT. Today, more than 50% of all USDT, or nearly 50 billion, exists on the Tron blockchain.”
Key takeaways: These fundamentals combined with rising popularity in Asia give Austin and Aaron Arnold reason to speculate that Tron will see growing interest in 2024.
“If it just gets to where Ethereum is today, which is a $300 billion market cap., that’s an over 30x from here,” Austin Arnold said.