Blockchain News

Tron forays Into Memes with This Partnership; what Does it Mean for TRX?

Huobi announced a new strategic partnership with Tron [TRX] and BitTorrent [BTT] on May 6th to launch a new Memeverse Carnival event. Tron and BitTorrent will provide comprehensive support for developing meme tokens and their ecosystems as part of this collaboration.

According to the official announcement, the TRON DAO Ecosystem Fund will establish the Memeverse Fund, with a fund size of 20 million TRX, to reward the most popular meme token projects in the Tron ecosystem.

Huobi and Poloniex will encourage meme projects as much as possible based on their popularity and ranking. Furthermore, Tron will support innovative meme projects with unique token designs and concepts, such as those popular on Arbitrum and other chains.

Given the recent popularity of Pepe [PEPE] and other memecoins, this could have a larger impact on the Tron ecosystem. It may help to improve Tron’s sentiments in the coming days, which were negative at the time of publication.

Aside from that, TRONSCAN issued a tweet on May 6 that appeared to be positive for the Tron ecosystem. Tron Staking, struggling to gain traction a few days ago, has seen a promising uptick recently. According to the tweet, the TRX staking ratio exceeded 48%, a positive sign because more staking can make the PoS-based blockchain network more secure.

Another piece of encouraging news was the increased number of TRX investors. TRX stakers increased in the last seven days, according to the Staking Rewards chart. TRX staking had a market capitalization of $2,747,684,402 at publication. 

While all this was happening, TRX’s value continued to rise. TRX’s price has risen by more than 4% in the last seven days, according to CoinMarketCap. It was trading at $0.07053 at press time, with a market cap of over $6 billion.

TRX volume has remained high, indicating investors are willing to trade the token. TRX’s Altrank improved last week, according to LunarCrush, which is a typical bull signal. However, TRX’s derivatives demand was low, as evidenced by its red Binance funding rate.


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