Back at the start of December last year, TRON (TRX) was trading for around one-fifth of a cent. By January 5, 2018, the coin had risen to $0.25, gaining more than12,400% I a matter of weeks and securing its position on every crypto watcher’s radar heading into the new year.
Since then, of course, the wider cryptocurrency space has suffered a steep correction and Tron is no exception. Indeed, given the coin’s incredible run heading into the close of last year, its correction has been arguably a lot more severe than was the case for many of its altcoin counterparts.
Right now, Tron is priced at $0.06 a piece and commands a market cap of a little over $4 billion. Daily volume is down (to somewhere around $315 million, which is nothing to scoff at, but it’s a fraction of early January’s $4 billion twenty-four-hour volume) and sentiment seems decidedly weak.
We think, however, that current conditions are far from representative of this coin’s longer-term potential and that, at current prices, there’s an incredible opportunity to jump in and pick up some cheap coins in anticipation of a turnaround.
What makes us say this?
When this coin started to run, it was a combination of factors that drove the appreciation, some fundamental and some technical. A big part of it, however, was FOMO. That is, Fear of Missing Out. Market participants had seen other coins take off from the sub-penny level and, in response, were buying into this coin in anticipation of a similar sort of appreciation.
And these participants got what they were looking for. The coin ran, and ran considerably, and anyone that jumped in and out at the right time pulled a handsome profit from the market.
Right now, however, things are down, and this coin once again looks attractive as a speculative penny play.
There’s a psychological significance associated with picking up a thousand coins, or ten thousand coins, which (for the vast majority of people) is out of reach when it comes to the more established cryptos – bitcoin, Ethereum, etc. This psychological significance is arguably invalid (since you can pick up fractions of coins) but it exists nonetheless.
Based on this, people are looking for coins that they can afford lots of and, of these coins, there are probably three or for that are most attractive and, at the same time, viable as potential long-term gainers.
For us, Tron is at the top of the pack.
And we’re not just looking at long-term potential as buoyed by near-term psychological significance here.
There’s a key catalyst just around the corner – one that could serve to get the coin moving on its announcement.
Take a look at this tweet:
— Justin Sun (@justinsuntron) January 25, 2018
This is from Justin Sun, founder of Tron, published on January 25, 2018.
Right now, the only major USD listing of TRX is on Bitfinex. This limits access and, in turn, liquidity. Both of these things create a demand bottleneck. If the latest exchange listing is a major one (say, Bittrex or alternative), we could see a flood of TRX buy volume rush into the markets and, in turn, a spike in volume and coin price.
If this happens, the FOMO at current levels will amplify, compounding the inflow of speculative bullish volume and pushing the coin higher.
We are waiting patiently for the news…
We will be updating our subscribers as soon as we know more. For the latest on TRX, sign up below!
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.
Image courtesy of Tron
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