TRON (TRX) has been quickly rising through the ranks on the back of several important development milestones. However, the successful launch of its test net has had a paradoxically negative impact on the market, sending prices plummeting despite the good news. The launch of the test net comes weeks after a massive price appreciation, and this suggests today’s drop may be the result of profit taking.
What is TRON?
The TRON foundation aims to become a decentralized platform for the entertainment industry, giving power to content creators instead of big corporations. This is an ambitious project that may eventually compete with platforms like YouTube.
On top of its ambitious goals in the entertainment industry, TRON aims to help decentralize the internet itself, allowing users to freely publish, store, and own data.
The TRON Test Net
Justin Sun, the founder of TRON, announced the launch of the test net on Periscope. The announcement was also placed on Times Square in New York. May TRON investors have complained about the slow pace of development, and the release of the test net may help ease their concerns because it is the first major step in the team’s roadmap.
TRON currently holds the 13th largest market cap in the industry at $2.3 billion, but despite the successful test net release, prices are down by almost 13% today. This makes TRX one of the few coins to see red in an otherwise positive day for the cryptocurrency market.
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