TRON (TRX): PR Blunders are Bringing Down the TRON Coin

A couple weeks ago, TRON (TRX) was going to be the new Ripple (XRP). It was a rising star in the cryptocurrency world. Its price was gaining rapidly and looked like it was going to continue skyrocketing. The TRON coin, also known as Tronix, soared from 45 cents on January 1 to pass the $0.2 mark by January 4. TRX peaked in the $.27 on January 5th – then slowly started to descend back toward the $0.1 mark. Take a look:

tron (trx) tron coin
coinranking.com

At the time of writing, TRX is trading at $0.0955. That’s a 13% drop in the past 24 hours. Compared to its price seven days ago, it slipped 42% lower.

So, What Happened to Tronix, the TRON Coin?

Well, most altcoins with growing popularity experience a pullback after rapidly hitting a peak. But this downturn seems a little longer than most. Its price didn’t even plateau – it has just gradually gone down.

For those of you who bought TRON (TRX) right when it was peaking, hoping for a price growth trajectory similar to Ripple (XRP), you got burned.

There are a few things that have happened since the January 5th peak that may have kept its price down. First, it was hit with a plagiarism scandal regarding its whitepaper. We’ve already covered it before, and Mr. Sun has already offered up an explanation on Twitter:

Its Korean exchange volumes also suddenly got excluded from CoinMarketCap.com:

But while this was happening, a new deal announced by Sun on Twitter was getting a lot of heat online. According to TRON, it had just signed a deal with the “Chinese Netflix,” Baofeng. While that company does have a ton of users and name recognition, the deal announcement is misleading:

As pointed out by Inverse, the deal was actually with Baofeng’s hardware unit. That means that TRON (TRX) doesn’t really get any closer to the company’s hundreds of millions of active users. So, with TRON’s leader pumping up how many users it has – you can understand how people might get annoyed by the delivery of that announcement. It’s a much smaller deal than Sun made it out to be.

So, after so many mini-scandals in such a short time – do you think that the TRON coin will make a turnaround and head back toward $0.20?




Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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Tim is a graduate of the University of California Los Angeles, where he has a B.A. in Global Studies with a minor in Geography/Environmental Studies. He worked for nearly two years as a Research Associate at a top investment banking software provider. He then began working as a freelance writer, covering stock market news and writing corporate content. He has been investing in and researching cryptocurrency for about a year, and has been blogging almost daily on the topic since mid-2017. Tim has contributed to both LiveBitcoinNews.com and CCN.com.

5 COMMENTS

  1. This coin was worth less than a cent a month ago, hit nearly 30 cents and has fallen back to around 10 cents. That’s still incredible growth. TRX has a good team, a solid vision and momentum. They also have a coin burn coming in March to help with market cap. Tron will be worth $1 in 2018. Maybe higher.

  2. The way I see it is this way. Justin Sun clearly made a big mistake. Possibly got off on the wrong foot? Obviously he’s not going to come right out and admit plagiarism. Because if he did, that would be like tanking the whole project. Instead he came out with a less than convincing response. So you can bet that pissed quite a few people off. But not as many as there would have been if he admitted a wrongdoing. So the question remains. Will he chalk it up as a bad mistake that will require some major streamlined approval? Or will this just turn out to be another misled scam that will see the maker try to find the right exit at some point? Who knows? There is never enough reassurance is this market. Because of its vast uncertainty and lack of standards of any kind. We are in pioneer days. Every man for himself. It’s all up to you. You decide what you want to do and who or what you want to support. Personally I am all for decentralization efforts to cut out the middle man, third parties, and government interference. They’ve been stealing from the people for far too long. And its high time we do something about it. I don’t know if Tron can fit into that category or not. But if it can, I’m all for it.

  3. This is the first of many coins that don’t have a business model or are a little shady. The top two – Bitcoin and Ethereum are riding on pure speculation with a willy-nilly approach to making their coins functional in real world situations. Expect them to fall by the wayside as the culling for real utilization begins.

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