Gauging the genuine popularity of cryptocurrency projects is extremely difficult. Numerous factors can be considered. Individual statistics only tell part of the story, as they can be manipulated. For Tron, its popularity on Facebook is exploding. That is a promising sign, but only one particular facet of the bigger picture.
The Rising Popularity of Tron on Facebook
One has to commend the Tron team for what it is trying to achieve. Decentralizing the Internet is no small feat. Significant strides have been made to realize this goal. Acquiring BitTorrent, Inc. paves the way for disrupting peer-to-peer file-sharing technology. Other efforts, including the development of dApps, are also ongoing at this time.
All of this culminates in a significant popularity boost for the project. On Facebook, the project has over half a million “likes”. An interesting statistic, albeit one that doesn’t tell much. Social engagement is, in this day and age, a statistic that is scrutinized more often than not Getting people to ‘like’ a page on Facebook can be done through incentives, fake accounts, and so forth. It is also possible to “like” pages and never see them in one’s Timeline.
On the other hand, Facebook is a commonly accepted social statistic. Combined with Twitter followers, it gives a certain clout to individuals, companies, and projects. Tron is checking a lot of the right boxes among Facebook users globally. It is significantly more popular than Ethereum, XRP, or Litecoin. Even so, the number of likes is just one small aspect. Other factors determine the genuine value of a project just as much, if not more, than social network popularity.
The Real Factors to Take Into Account
Gathering a bunch of statistics usually gives a better overview of different projects. In the cryptocurrency world, several key contributing details can play an important role. GitHub activity, the number of network transactions, value transferred over the network, and dApp usage are all pretty common statistics. All of those combined always trump engagement across social media.
Looking beyond that information, there is also the market price and market cap of individual projects. Tron is far from a complete project, and it ranks 11th in the bigger scheme of things. As such, its Facebook popularity doesn’t reflect what everyone thinks of Tron in the financial sense. The project is doing a lot of things well, but it is not hitting its full stride yet. The infrastructure is still being developed and progress is being made.
Last but not least, one can’t look past the Bitcoin Dominance Index. Bitcoin dwarfs all other cryptocurrency projects with ease. Tron is no exception in this regard. Its total value represents a fraction of Bitcoin’s, despite focusing more on the usability of technology rather than just payments. Different cryptocurrencies can coexist without any real problems. That is what makes the industry so exciting and vibrant.
Do you think social media plays a role in a cryptocurrency’s popularity? Why or why not? Let us know in the comments below.
Images courtesy of ShutterStock
