TRON (TRX) Plummets During Mainnet Launch
TRON (TRX) prices dropped by 14 percent during the Mainnet launch!
History repeats itself. We can say that with a great deal of surety for TRON since the price of the cryptocurrency nosedived 14 percent during the Mainnet launch.
Of all of the fears of TRON HODLers about the Mainnet launch, a price drop was the one which reigned superiority over other fears. And now it is a reality with TRON dipping 7.8 percent in just one hour! After all, TRON has had a history of nosediving before and during major announcements.
Back when the TestNet was released on the 31st of March, TRX experienced a massive drop of 42.8 percent in 3 days. TRX was being traded at 0.049 USD on 29th March and by 1st April, it had dipped down to 0.028 USD. On March 31, the day of the launch of the TestNet, TRX nosedived from 0.04 USD to somewhere around 0.033 USD—a drop of 17.5 percent approximately.
Hence it wasn’t much of a surprise that it dropped so much. 14 minutes after the Mainnet live stream started, 03:14 AM UTC, TRX was being traded at 0.064 USD. And an hour later, 04:24 AM UTC, the cryptocurrency was being traded at 0.059 USD—a drop of 7.8 percent in an hour.
While the cryptocurrency has recovered a lot and is being traded at 0.061113 USD right now, it is difficult to say whether the cryptocurrency would be able to hold up in the market and become stable.
In CoinFrenzy’s price analysis of the cryptocurrency’s performance yesterday, we can see that the cryptocurrency had already started its decline. All of the indicators were blaring that the cryptocurrency would see a dip. And it did—a rather huge one.
However, compared to the TestNet launch, the Mainnet launch is going better. There is a lot less tension in the atmosphere and there is a lot more hope for some stability in the prices of TRON.
Follow us on Telegram!