Ah, my dear readers, gather ’round and let me regale you with the latest news from the cryptoverse! The illustrious Tron, that blockchain-based operating system, has once again captured the attention of the digital masses.
Our esteemed crypto entrepreneur, Justin Sun, has announced a Gas-Free feature for Tether’s USDT stablecoin on the Tron blockchain. This innovation will allow for commission-free transactions, eliminating the need for TRX tokens to cover transaction fees.
However, amidst this grand announcement, the price of TRX has plunged more than 7% in the past 24 hours. At the time of writing, the altcoin is trading at $0.2305, marginally down below its 20-day exponential moving average (EMA) at $0.2389. Despite this, Tron has managed to retain its position in the top 10 cryptocurrencies by valuation.
Gas-Free USDT Transactions: A Game-Changer?
Tron’s Gas-Free feature for USDT will launch within the next week. This update will enable users to conduct USDT transactions without holding TRX for gas fees – a major shift from the current structure. The feature aims to restore Tron’s reputation as a low-cost blockchain for stablecoin transfers, after recent price hikes made it one of the more expensive networks for USDT transactions.
Tether’s GasFeesNow page shows that Tron has the highest fees ($3.22-$6.54) among all other supported blockchains, including Ethereum ($0.3087), BNB ($0.0922), Polygon ($0.003), Solana ($0.001-$0.009), and TON ($0.0495), among other networks. The page also adds that TRC-20 transfers require wallets to have “energy” and “bandwidth”, making gas fee calculations “tricky”.
It is important to note that the Gas-Free innovation will not be limited to Tron alone. According to crypto analyst Zola Christian, the feature is set to expand to Ethereum and other EVM-compatible public chains, further increasing its impact. Sun has also encouraged wallets and blockchain developers to reach out and integrate the feature.
TRX Price Analysis: A Tale of Woe and Despair?
As per the daily chart provided by TradingView below, the Relative Strength Index (RSI) is currently at 43.73, which indicates that TRX is nearing oversold conditions. The gradient of the RSI line suggests that lower prices are likely. However, the situation could turn bullish if Tron successfully reclaims the 20-day EMA with strong volumes.
The MACD (Moving Average Convergence Divergence) indicator shows that the MACD line (blue) is touching the signal line (orange), hinting at increasing bearish pressure. While a bearish crossover hasn’t been confirmed yet, sluggish movement can be expected from TRX until the 20-day EMA is reclaimed.
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2025-02-25 19:33