There has been a lot of excitement surrounding TRON in the past few days especially with the planned Mainnet launch that is set to put TRX on its own Blockchain network. If the token lives up to the expectations of the community, there is no doubt that a good number of investors will be looking to hodl some TRX for the long term. In fact, the coin has hit a statistical hallmark recently with over 1 million users not to mention the Super Representative Election that has set up a bullish mood around the cryptocurrency world.
Overall Market Dip
However, earlier today, most TRON enthusiasts woke up to a bloodbath in the market that saw most of the alternative cryptocurrencies shed the few gains they had made over the weekend. TRON was no exception. The TRX’s market capitalization fell below the $5.3 billion mark putting TRX’s price at $0.082 as the bearish rally continues.
If data from CoinMarketCap is anything to go by, the TRX market is currently on a downward trend, especially in the last 24 hours. With a fall of about 7.12 percent as depicted by CoinMarketCap’s price charts in the last day, TRX has had an overall drop of about 3.3 percent throughout out the week considering its recent bull run that set its market cap above the 6 billion mark.
There is still hope for TRON’s Bullish Rally
The good news is that this is not the first time the price of TRON has gone down and definitely a bullish rally is soon to be expected (either in the short or long term) since the coin is one of the most promising altcoins in the market.
Built on a decentralized platform that ensures transparency to the token holder, TRON boasts of being one of the most forward driven cryptocurrency projects. In fact, the platform’s Super Representative Election is set to build a self-governing community that is sure to attract investors in the long run.
In addition, TRON enjoys a ton of support from the Bitcoin and overall cryptocurrency community including Antpool, BitcoinWorld and even RightBTC to mention but a few. Not only are these supporters pledging to participate in TRON’s super representative elections but they also pose the ability to catapult TRON’s market in the future.
Basically, even with the recent dip in the market, TRON has had consistent performance with the CEO (Justin Sun) reporting in an open letter to the community that the company is actually 6 months ahead of its plans according to its RoadMap. Coupled with the fact that the project is run by a team of responsive and helpful developers, there is no reason not to consider TRON (TRX) as a good investment.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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