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TRON Actually Might Have Some Real Utility, How Could This Affect the Price of TRX

2 mins
Updated by Ryan James
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In Brief

  • TRON becomes the first blockchain to partner with a sovereign to build its national blockchain infrastructure.
  • There will be no capital gains tax on the exchange between Tron crypto and East Caribbean Dollars.
  • What will be the impact on the TRX coin after this Huge announcement?
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Justin Sun, the founder of TRON, announced a shocking utility of the blockchain. Dominica approved TRON as a national blockchain infrastructure.

The Commonwealth of Dominica will utilize the TRON blockchain to power the Dominica coin (DMC). DMC is a fan token that will be used to help promote Dominica’s global fanfare for its natural heritage and tourism attractions, according to an announcement by the office of the Prime Minister. 

“This is a historic step for Dominica in its drive to enhance economic growth by embracing digital innovation and appointing TRON Protocol as its designated national blockchain infrastructure,” quoted the Prime Minister of Dominica, Dr. Roosevelt Skerrit.

The exciting utilities of the TRON ecosystem

Justin Sun shared the ordinance through a tweet that shows BTT, JST, NFT, TRX, USDD, USDT, and TUSD tokens are granted statutory status. That means the currencies will be used as a medium of exchange in the country.

The government may even use the currencies to allow citizens to pay taxes. The official account of APENFT (NFT) has expressed their joy through a tweet stating that they are the second batch of cryptocurrencies after BTC to be granted legal tender status.

The community congratulates Justin and the TRX army, and they are amazed by how he is pushing the TRON adoption.

Tron TRX Justin Sun
Source: Twitter

Will TRON’s (TRX) Price explode following the announcement?

TRX broke out from a double-bottom formation, and the coin is in a short-term uptrend. The price is testing the support of the neckline of the double-bottom at 0.06118. The 20-Day Simple Moving Average (SMA) lies in the same area, adding more strength to the support.

A breach of the support at 0.06118 will nullify the effect of the double-bottom breakout. It will set the coin once again in a downtrend.

The price is currently battling resistance from the 50-Day SMA. If the price bounces from the support at 0.06118 and gives a daily candle closing above the 50-Day SMA, it will be a bullish move for TRX. It will then prepare to face heavy resistance at 0.06473, accompanied by the 200-Day SMA.

Tron (TRX) Price
Source: TradingView

There is no immediate sustainable surge in price following the news. However, the demand for TRX coins is bound to increase in the upcoming months as the execution to utilize the TRON blockchain kicks-in in Dominica. With the increase in demand, the price for the TRX coin can explode and break all the resistance. What does your TRX analysis say?

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...