With 10 days to the mainnet launch, the demand for TRX has reached a fever pitch – but can the trend survive?
TRON (TRX) is in for a wild ride, at least in the coming 10 days. After growing more than 15% overnight, TRX is back in the top 10 of coins, solidly on position 9. TRX is up from recent lows, to $0.082, and for some bullish investors, it is the last time that TRX would be seen at such prices.
In the coming days, however, short-term hype is chiefly due to the effect of the mainnet launch. Afterwards, another month of potential TRX accumulation may lead up to the elections for Super Delegates.
In preparation for the mainnet launch, the TRON project has released a beta version of its proprietary wallet, as well as a block explorer. The new wallet would be potentially usable for withdrawals after the network launch.
Currently, TRON relies on exchanges, meaning most coins are sent there, and kept on exchange wallets. This may add to the trading hype – but it is anyone’s guess what might happen when withdrawals start in preparation for the elections. Some believe that the current spike in prices may unravel fast once the actual event happens.
Recently, the TRON project also updated its website. Also, the team cooperates with exchanges to help with the token swap support – yet Binance remains one of the leading markets that will credit the new TRX balances.
It is possible that buyers enter TRON just for the quick gains potential in the coming days. TRX trading volumes above $700 million in 24 hours are nothing to sniff at, but they are much lower compared to the hype trading in December, when TRX rose as high as $0.20. Right now, the asset seems on track to repeat the feat, but a drop is still not out of the question, given the still relatively low volumes.
But for those that decide to keep their TRX, there will be a learning curve to participate in the voting and governance. Afterwards, TRX prices may rely on news of partnerships and the potential to grow with a large China-based partner.
Read more: https://cryptovest.com/news/tron-trx-takes-off-never-again-at-these-prices/