Zero to Fifty: TRONClassic (TRXC) Pumps 4,900% on Minimum Wage Volume
TronClassic (TRXC) saw its value explode on Wednesday with 4,900% growth in a matter of hours. This little-known Ethereum-based token imitates TRON (TRX) in name only, and besides a long history of absolutely ridiculous price pumps, has offered nothing of note to the cryptocurrency venture at large.
Yet of the 2,211 cryptocurrencies listed on CoinMarketCap, TronClassic finds itself ranked 192nd. That means this substanceless imitator is among the top 8% most valued cryptocurrencies in the world.
TRONClassic: Anatomy of a Shitcoin
Truth is, the cut-off point for ‘highly questionable’ projects comes a long way before 192nd, and that doesn’t look like ending soon. In the meantime, let’s dissect the animated cadaver that is TronClassic.
TronClassic was announced on Bitcointalk in May 2018. Described as a ‘social’ digital currency, the closest thing we get to a marketing pitch is:
“TRXC is 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.”
Investors were promised several nifty features at the time, including a dedicated TRXC crypto exchange and an online shop where TRXC could be spent.
As of June 2019 neither of those features exist. The Bitcointalk forum is only 3 pages long after a year, and most posts are from people deriding the oversized TRXC token supply. It’s 1 trillion, in case you were wondering.
In October 2018 when TronClassic first appeared in the pages of Hacked, 94% of its token supply was held by just 4 addresses. Since then there’s been an improvement – now it’s just 67% held by 4 addresses.
The Twitter account has been suspended, and the website offers only one glimpse of hope for current holders. That would be a listing on Binance, which according to the TronClassic team is ‘upcoming’. Please note the sarcasm.
Negative Valued TRXC Pumps 4,900%
On Wednesday afternoon TRXC was valued at $0.000001. A couple of hours later and it was priced at $0.000050. That’s 50x growth, or 4,900% gains in a flash.
But the chances that anyone really ‘gained’ from this are slim. The coin’s daily volume averaged around $1,400 – meaning it would have been hard to cash out those unexpected gains. It also means a minimum wage worker could buy up the TRXC market with just over a month’s pay, and pump the price in the process.
Last month the coin price fell below 1/6th of one cent. At that point, its price became a negative notation of 7.10e-7, or, $0.000000710. At time of writing, its value in BTC is 6.178e-9, or, 0.000000006178 satoshis.
With just a little technical guidance, anyone can create an Ethereum token and name it whatever they want. Unlike hardforked coins like Bitcoin Cash and Ethereum Classic, TronClassic is not an update or variation on existing code. It’s just ham-fisted attempt to make some easy money by associating with a more well-known cryptocurrency.
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. Chart via CoinMarketCap.