TRON (TRX) Slid After Upbit Listing
The TRX rally of the past day is still prone to reversals, quickly wiping out more than 9% to fall below 4 cents.
TRON (TRX) had several successful days, but once again succumbed to the general slide in the markets, losing more than 9% on Friday to $0.037. The launch of Upbit trading was greeted, but seems to have caused a slide in prices.
It is unknown whether direct trading against the Korean Won, instead of just other crypto coins, would lead to a radical change in risk profile and a boost to the price. But just hours after the launch, the Upbit market took over 45% of TRX trading volumes, leaving the share of Binance down to 15%. Before, the chief price setting market for TRX was Binance. Additional trading against BTC lifts the share of Upbit above 50%.
The trading premium on Upbit is still comparatively small, but manages to boost the TRX price. Binance lists TRX at $0.036.
The TRON project has been active in boosting its technology, with a recent live stream by Justin Sun highlighting the accomplishments. One of the encouraging things about TRON is the expansion of the team from 10 to 100 people. The newcomers are former experts from platforms like Tencent, Alibaba, and Amazon, potentially giving a boost to TRON’s business model.
In a few more days, the TRON project will share its plan on the migration to the main net, expected to happen in June.
In related news, Justin Sun starts to stand out as one of the leading crypto personalities, trying to increase the general appeal and popularity of the project, and potentially market TRON as the future of internet communication.
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