TRX continues its slump despite a new exchange listing and partnerships that could bring hundreds of millions of users.
TRON (TRX) founder Justin Sun recently announced new partnerships with various social media and streaming apps, including Mico, Kitty Live, Waka, Yay and GSC. He also responded to his previous tease over a new exchange listing, which has turned out to be Huobi. However, despite these developments, TRX seems too tired to move.
After a meteoric rise earlier this month, going from $0.05 to $0.27, TRX lost steam and kept dropping as hype gave way to skepticism and FUD over founder Justin Sun’s alleged sale of tokens and a plagiarized whitepaper.
At the time of writing, TRX is trading at $0.064, 2% down over the last 24 hours. Interestingly, TRX trading volume is also at its lowest point since the start of January, recording just over $276 million yesterday, compared to the $4 billion peak on January 4, 2018.
Earlier, Justin had also revealed TRON’s ongoing integration with his other venture, Peiwo App, which boasts 10 million users. Now, with these new partnerships, the network stands to reach over 150 million users, at what the founder called “amazing speed”.
Additionally, the founder also shared a new exchange listing for TRX, which turned out to be Huobi, one of the top 10 exchanges in terms of trading volume. However, when it comes TRX trading volumes, Binance accounts for almost 50%.
Despite these developments, the fact that TRX seems unable to move, points towards a few possibilities. It can be that investors lost confidence following the back-to-back scandals, or big holders sold out at the top and have moved money into other projects, or simply that TRON is not in vogue anymore.
However, given how TRON has major support from Chinese giants and is one of the most ‘active’ tokens when it comes to new announcements, we are unlikely to have seen the end of things just yet.
Moreover, TRON’s first beta version, Exodus, is scheduled for a March 31 rollout, and we may see the price appreciate as the date draws nearer. For now, those who bought TRX at the top may have to wait till they can break even or make a profit.