26 Jan Is The TRON (TRX) “FOMO” Over? Price Stays Stagnant
As I reported two days ago, the TRON foundation broke with huge news that was long awaited by many enthusiasts. TRON’s first Beta Version will launch on March 31st of this year. Its open source upgrade was the latest to the system, which occurred on December 29th of last year.
TRON’s project is fairly new, with its coin being launched on CoinMarketCap on September 13th. The company’s ICO racked in $70 million in just 72 hours. Like most ICOs, the funds raised during the ICO were allocated to the development of the project and to build the team.
Thus far, TRON has developed a spectacular team. The news of its actual product moving forward should have moved the price of the coin a bit, as it has in the past, but it doesn’t seem to be the case this time. Has Justin Sun’s previous PR twitter (NASDAQ:TWTR) tactics burnt out a large group of new TRON investors? More specifically, the new investors that hopped on the TRON train in mid-January due to “FOMO” (fear of missing out).
As you can see from the price above, TRX’s price has remained stagnant since the release of the Beta Version information. What is also a bit shocking is that Bitfinex announced yesterday morning that it would start trading TRX and various other coins on its exchange, yet TRON’s price saw no increase.
NEW PR Tactics
The news of the “Exodus” beta version was put out first by way of a Medium post by the TRON labs and then dispersed on social media. This was a new tactic by the TRON team, as many new updates were previously done by way of Twitter. Many TRON investors and enthusiasts over the past few weeks have grown tired of the founder’s vague upcoming “partnership” tweets that don’t provide any solid information.
I would have expected this new approach to TRON marketing to have a larger effect on TRON’s price. However, the new marketing tactic appeared to be short-lived. The latest tweet by Sun, posted earlier today, mentions another big exchange offering TRX but provides no details whatsoever.
The current price of TRX is $0.068, down -2.57% in 24 hours. However, for the month the coin is up 100% and for the year, it is up a staggering 2899%.
Many initial TRON enthusiasts are in it for the long haul, as the project has a detailed 9-year projected roadmap. Many new crypto investors jump on something they see shooting up in price because of a severe case of “FOMO”, without first investigating its underlying project potential. None-the-less, TRON supporters are not currently and have not been buying on the TRON ‘dip’ either.
Have these new TRON investors become wary? What are your thoughts on its price fall? What are TRON enthusiasts waiting for?
Featured Image: Twitter