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Have Tron HODLers Been Left HOLDing A Bag?
The phrase ‘holding the bag’ is defined as the act of someone being put in a situation where they are responsible for something – often in an unfair way – because other people fail or refuse to take full responsibility for it. In the case of the cryptocurrency markets, ‘holding the bag’ can be compared to how some HODLers have been left holding a particular digital asset as the founder plots and executes an exit strategy. One such founder who has been accused of doing so is Litecoin’s (LTC) Charlie Lee when he sold all his LTC in April. The price of the digital asset has plummeted since then. Therefore, it is no surprise that some Tron (TRX) HODLers are wondering if they have also been left holding the bag.
But before we speculate, let us run the numbers a bit and find what we can uncover. The total supply of the Tron (TRX) coin stands at 99 Billion TRX. The circulating supply stands at 65.75 Billion and the difference from the total supply comes to 33.25 Billion TRX. The latter amount is what the Tron Foundation owns and is locked up in 1,000 traceable addresses on the Tron network. You can track the locked up funds on TronScan. They will not be available to the Tron Foundation till 1st January 2020.
Historical Tron Dumps During Major Announcements
Looking back in time, the Tron project has had a few calendar events that have marked the ongoing progress. The first was the Testnet that was launched on the 31st of March. What then happened on the 30th of March, is that the price of TRX dropped from $0.050 on that day, to $0.030 on the 5th of April: a drop of 40%. Everyone had expected for the digital asset to Moon, but it did not.
The Mainnet was launched on the 31st of May and something similar happened. There was a gradual decline of price from the 21st of May at $0.083, to $0.40 by June 13th: a drop of 52%. Then there was the Genesis Block launch on the 25th of June and TRX dropped from $0.040 on the 30th of June, to $0.017 by August 14th: a drop of 57.5%. This latter event was the Tron Independence Day and such a feat was expected to result in a massive Bull Run of TRX, but still, nothing happened.
Possible explanations
We can all claim that the general crypto atmosphere since March has been one of a bear market, but the accomplishments of the Tron project in 12 months have been like no other. If TRON were a Fortune 500 company, it would have reached the $1 trillion valuation very easily. The project has had acquisitions on a scale only seen on Wallstreet. The Tron Foundation has acquired BitTorrent for $120 Million in cash as well as Blockchain.Org for an undisclosed amount.
The Loopholes
One question we can all ask, is where did the Tron Foundation and Justin find $120 Million to buy the BitTorrent platform? The Tron ICO was noted as having raised $70 Million when it was completed last September. TRX peaked at $0.30 back in January, leaving the gates open for a few savvy traders to sell off some of their earnings. These traders could have been holding TRX in large numbers and have been slowly offloading to avoid suspicion. Remember the ICO value of one TRX was $0.0019.
Could it be that Whales hold massive Tron volumes as part of the 65.75 Billion in circulation and have been slowly liquidating during hyped events?
This is the million dollar question that a few crypto enthusiasts have been asking. Perhaps there are some major whales caching out through calculated selling during strategic Tron events. But then again, this type of thinking is pure speculation. No evidence of Whales has come up. TRX could simply be suffering from continual FUD and very bad market conditions.
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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 and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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