The recovery in TRX prices has not materialized, as another market downturn siphons funds toward Bitcoin.
TRX slid by nearly 10% in the past 24 hours, falling back toward $0.035, despite the expectations that the new, lowered prices were a bargain. Despite the optimism and the mainnet launch, the long downward sliding trend for TRX continues, and volumes are not moving significantly.
Curiously, TRX is now seeing more than 41% of trading volumes come from Tether (USDT), though the price continues to tank. Tethers are currently moving in and out of altcoins, locking in gains, and not creating extraordinary hype. While some believe TRX is at attractive levels for buying, the asset is seeing more downward pressure to even lower prices.
The TRON network is also showing a curious stalling, with only three Super Representatives added. According to Tronscan, in the past 24 hours, there were 2,145 transactions, slowly increasing from almost zero right after the network launch.
Thе process of TRON elections, unlike EOS, allows for rewards, to a limited degree. Skypeople, one of the elected Super Representatives, has promised a reward of 2% of its gains as a block producer, as well as special rewards during the July – August 1 voting period. The rewards are allowed by TRON and not considered dishonest kickbacks.
For TRON, it’s business as usual, with no product release, and all of the efforts still concentrated on creating the governance system. However, TRON remains one of the projects with the highest social media presence, having a fame that is currently disproportionate to the market price.
Read more: Cryptovest