TRON (TRX) Drops 27.52 Percent Ahead of Mainnet Launch But Starts Recovering

News
Thu, 06/14/2018 - 14:53
Yuri Molchan
The coin shows an over 27 percent drop during the last week but now is gaining momentum
Cover image via U.Today

The migration of ERC20 standard TRX tokens to the new TRON Mainnet is planned to take place from June 21 to 25. Before the migration investors must move all their TRX coins to one of the exchanges that support the Mainnet release.

While old tokens are exchanged for new ones, the withdrawals and deposits of TRX will be frozen. But trading will still continue.

Those TRX holders that miss the migration period, will be able to get new coins in exchange for their old ones at the TRON’s exchange counter.

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Supported by exchanges

At the moment over 25 popular crypto exchanges, like Binance, Bittrex, Upbit and others, have announced their support for the TRON Mainnet launch and the coin migration.

Sudden price fall

Over the past week, however, TRX price went down 27.52 percent. Analysts cannot say for sure why it happened– most probably, due to the mixed feelings and expectations regarding the prospects of the platform and its native currency after TRON leaves Ethereum base for its own Blockchain.

Anyway, now gradually the coin is going upwards and has already shown a 2.48 percent increase. TRX is at the 10 position on the top 10 crypto coins’ list.

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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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