Nothing will raise the price of an altcoin better than listing on a major exchange. They don’t come much bigger than Bittrex, which announced the listing of Tron (TRX) a few hours ago.
Tron has been lagging behind since his almighty pump in early January. When crypto mania peaked, the fear of missing out grabbed many newbies who stepped into what they believed was the next biggest thing in crypto land.
Tron Pump and Dump
Tron is a Chinese entertainment-based cryptocurrency founded by entrepreneur Justin Sun. Part of its early success was the brisk social media activity that drove the coin from $ 0.002 in early December to a high of $ 0.28 in early January. This epic pump resulted in a nearly 14,000 percent increase in less than a month. Lots of people have made a lot of money off of TRX, including its founder, but also lost a lot moving themselves to the top as Tron has slipped down since then.
Until today’s announcement that it will be listed on one of the largest stock exchanges in the world, Bittrex.
As of now, $ TRX is available for trading on the #BittrexExchange.
– Bittrex (@BittrexExchange) March 1, 2018
Thanks @BittrexExchange. Welcome to #TRX $ TRX trading in Bittrex! #TRON https://t.co/tEcpzMUtXJ
– Justin Sun (@justinsuntron) March 2, 2018
Price action jumped a few hours ago during the morning’s Asian trading session when TRX shifted up a gear to trade 20% higher that day. The coin is currently trading at $ 0.05, which is still a long way from its all-time high.
The future for Tron
Justin Sun has been on social media for his constant partnership announcements at the receiving end of a world of anti-aircraft guns. The company has forged a few partnerships with smaller Chinese companies, but nothing of the magnitude that would reinvigorate great interest in this ailing cryptocurrency. Add this to the fact that Tron hasn’t launched a solid product yet, and it’s easy to see why trust in this coin has waned over the past two months.
To boost prices, a coin burning was planned that would reduce the number of tokens in the overall offer. The number is currently 100 billion with 65 billion floating around. At its peak, Tron was number 6 on the market capacity charts, but has since dropped to number 15. The current market capacity is $ 3.2 billion and the daily trading volume is close to $ 500 million.
Bittrex may just have woken up the Chinese dragon, but it takes a lot more than just a listing to get TRX back with the big boys.
Will Tron take off in 2018? Add your views to the comments below.
Images courtesy of Tron: Legacy / Walt Disney (2010)