TRX - Is This Controversial Ethereum-Killer Finally a Buy?
Tron (CRYPTO: TRX) has always been a polarizing crypto, primarily due to its associations with controversial cryptocurrency entrepreneur Justin Sun, who launched Tron back in 2017. But it's getting increasingly difficult to ignore the fact that Tron has gained users and posted new transaction activity at an impressive rate throughout 2022. Could Tron finally be ready to stake its claim as a worthy Ethereum (CRYPTO: ETH) rival?
The most recent news that has investors buzzing is the announcement that Tron is now the official blockchain of the Caribbean island nation of Dominica. As a result of this, Tron will be issuing the first-ever government-backed crypto fan token. And Tron will also officially become legal tender in Dominica. There are also suggestions in the crypto community that Tron might leverage this deal to make similar deals around the Caribbean and in Latin America. If so, that would be huge in terms of Tron gaining worldwide market acceptance. So is this controversial crypto finally a buy?
Analyzing Tron is like peeling back the layers of an onion. If you only look at the surface numbers, everything seems fantastic. Tron now has an impressive 115 million users worldwide, and has processed more than 4 billion transactions since it was founded back in 2017. Total Value Locked (TVL), which is a measure of how much activity is taking place on the blockchain, is an impressive $5.5 billion. That ranks Tron No. 2 among all blockchains, trailing only Ethereum.
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Is This Controversial Ethereum-Killer Finally a Buy?