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TRON Altcoin Drops Below Crypto Top Ten List as Tether Takes Over

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Wed, 06/27/2018 - 09:09
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  • Despite the mainnet launch and token migration in progress, the coin slips as its market capitalization is shrinking

Cover image via U.Today

TRX going down

It was the first time today, June 27, that TRON (TRX) slipped from the top ten coins’ list, now hanging below Tether (USDT). The ‘Independence day’ that the TRON community has just celebrated has been of no help regarding the coin’s rise so far.

At the time of writing this TRX has slumped 6.42 percent. Its market cap amounts to $2,540,960,696 and is trading at $0.038647, according to Coinmarketcap.com. Whereas Tether market capitalization stands at $2,703,683,327, with the coin trading at $0.998723.

USDT injecting new tokens

The fact that Tether is a holding well this week, analysts say, is largely due to the emittance of new coins, worth of $250 mln. At the moment USDT trading volume comes second after Bitcoin since Tether is supported by most crypto exchanges and is paired with all big coins and fiat currencies.

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TRON CEO promising ‘big things’

Generally, this whole period of the TRON’s mainnet launch and token migration has been discouraging for investors. Justin Sun has promised ‘big things’ to happen after the coin separates itself from the Ethereum Blockchain but none are taking place just yet.

All those partnerships and listings on new exchanges along with Sun’s promises currently seem to be an attempt to raise hype around TRX to push it upwards. However, in reality, the value of the coin is now lower than it was back in early April.

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Forecast

Things do not look good for TRON at the moment and nor does the outlook. Hopefully, the coin reverses in the near future and starts climbing back and even higher but so far it has stumbled.

Later on, we might be able to see whether TRX has any true potential or it has all been just talking to create a big hype around this digital asset.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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