TRON’s Justin Sun: “Check Back in Two Years” as TRX Price Hits One Cent
TRON (TRX) underwent a 20% drop for the twenty-four period leading into Sunday as the coin price sunk to the one cent valuation for the first time since December 2017.
Founder and CEO of TRON, Justin Sun, took to Twitter on Sunday to add some perspective to last night’s plunge, reminding TRX holders that DApp use and transaction volume on the blockchain is still on the rise.
Justin Sun: Hold Tight…
Sun acknowledged the bloodbath that had struck the global cryptocurrency market and urged his followers to remember that ‘nothing has actually changed’. Sun tweeted:
“In today’s bloodbath, we must remember that nothing has ever changed. #blockchain #bitcoin #DAPP is the future and #TRON will decentralize the Internet. Check out #TRON 6 month data, we haven’t seen such amazing increase before. Plz check after 2 years!”
Whether the market will actually take two years to return to its previous heights is up for debate – although a two year gap between highs and new highs would be nothing new for the crypto space.
Regardless, Sun seems to believe that despite the current carnage, the TRON blockchain will continue to see its DApp use and transaction volume increase, as has been the case in the last few months.
From last night’s high of $0.013675, the TRX price fell 20.3% down to the $0.010890 level – the first time since December 2017. The recovery bounce carried the coin back up to the $0.011 level, but with global volumes remaining relatively low, there’s no assurance that it will go any higher.
At this point it’s basically number porn when looking at losses over the course of the week – a week in which TRX lost 42% of its value in a flash. The same kind of numbers apply to Stellar (XLM) and Cardano (ADA), while Bitcoin Cash (BCH) has plummeted to the tune of 60% in the same timeframe.
There was supposed to be more than one dead cat bounce over the last few weeks, but such bounces never really appeared. By Sunday morning the global crypto market had fallen to $115 billion – a near 50% decrease since this bloodbath commenced in early November.
The optimistic narrative is that weak hands are being shaken out before the institutional investors make their move. Ethereum is currently priced at less than a decent pair of shoes, while TRX can be picked up for almost ten times less than was possible as recently as spring of this year.
Bitcoin is where institutions will be focusing, however, and many have placed a $3,000 price mark on BTC’s bottom. Sunday morning’s drop to $3,500 takes us closer to that mark, although I reserve the right to be more cautious, and wouldn’t be surprised by a dip to $1,000 – roughly the price BTC held before the artificial pump in the summer of 2017.
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.