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Many in the community were excited when Justin Sun launched Tron, thanks in part to his “unusual” marketing methods. In fact, Tron has been labelled as being “shilled” in recent years.
However, the project that was once dubbed a “Ethereum killer” is now on the outskirts of the crypto-space. With issues ranging from falling prices to distressing on-chain data, Tron is far from being compared to Ethereum right now.
Tron v. Ethereum
It is never appropriate to compare a kernel to a cornfield. Tron’s recent report on updates to its on-chain data is far from the altcoin’s reality. According to the report, Tron added 2.3 million new addresses this week. However, if you look closely, you’ll notice cracks, as this doesn’t tell you that TRX’s active addresses have been steadily declining. In fact, they had dropped by one million in the previous ten days.
According to the report, 52 million transactions were recorded this week alone. The value of those transactions, however, has no effect on the coin. Despite the fact that the number of transactions is increasing, the average transaction value was less than $100.
What’s more, even at their ATH, transactions were worth less than $1.5k. On the other hand, Ethereum’s average transaction value was $9.5k and at its highest, $130k.
Simply put, it is pretty clear that this comparison actually does not even make sense anymore. In fact, some would argue that Tron’s run is shorter than Ethereum’s step.
What about the community?
The community is also losing faith in the altcoin. Investor sentiment, for example, has been on a consistent downward trend, particularly since April.
TRX’s real volumes were also at a 7-month low at the time of publication, falling from nearly $3 billion to $76 million. These drops are also not insignificant, as they have a direct impact on the status of the “Ethereum killer.”
What then? Does Tron have a future ahead of it? Perhaps. After all, it’s far from dead. What is evident, however, is that Tron might no longer be in a position to “compete” with Ethereum.