TronClassic (TRXC) Explodes Onto Scene With 6,400% Weekly Growth
TronClassic (TRXC) notched up 6,400% gains in the six days leading up to October 25th, and launched itself into the market cap top two hundred in the process.
The little known token takes Tron (TRX) as its namesake, however the similarities appear to be cosmetic at best.
A TRX Clone?
While coins like Ethereum Classic (ETC) and Monero Classic (XMC) are the result of hardforks of their original blockchains, TRXC is not actually a hardfork of TRON (TRX).
TRXC is an ERC-20 token which was launched in May of 2018, and only recently came to public attention following a fortuitous listing on the Mercatox exchange.
The TRXC project announcement on Bitcointalk is hardly going to win points for originality, where the token is described as:
“… an ERC20 token that serves as a social digital currency with all major social network to make the process of sending and receiving money rewarding for everyone.”
The Bitcointalk announcement thread has been live for nearly six months now, and has a grand total of two pages to its name. That’s despite a recent airdrop and discounted presale, which saw the dev team attempt to distribute some of the one trillion TRXC supply.
Undoubtedly, TRXC would fare poorly in an ICO analysis. At the start of October just four wallet addresses were holding 94% of the total supply. This week’s miraculous growth was helped in no small part by how cheap the tokens were to begin with.
As you can see on the left-bottom corner of the chart, last week TRXC had so little value that it didn’t show up within CoinMarketCap’s six decimal places, which instead displayed a negative metric prefix.
From the moment that TRXC became worth $0.000001 just over six days ago, the token surged 6,400%, en route to a valuation of $0.000065. Those gains have been sustained for four days now – the token quickly recovered from a brief dip to the $0.000050 range on October 24th.
TRXC volumes jumped 9,566% over the last week or so, rising from $300 to $29,000, the majority of which has come from the Mercatox and Token Store exchanges.
While TronClassic may yet prove itself to be the answer to all the world’s problems, the current prognosis suggests it is simply an opportunistic attempt to cash in on one of the more popular altcoins – Tron (TRX).
Taking into account the sub-six decimal place valuation the token had just a week ago, CoinMarketCap now measures its gains at +9,000% over seven days. Whether a pump and dump would even be viable at such a low valuation, and with so few hands in the game, is up for debate.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.