TRX has been one of the most often mentioned coins in the cryptosphere these days, mainly due to the fact that its mainnet launch was scheduled for May 31. The new platform was named Odyssey 2.0 and initiated the first step in moving TRX from Ethereum to its own independent blockchain. And just like we predicted a few days back, the price almost immediately took a nosedive into the red.
To answer the question from the title:
now is time to get serious and start the actual work. Up until now, it was brilliant marketing that pushed Tron to these heights, but actual results need to follow and meet high expectation or else people will lose faith and Tron will disappear from the crypto map faster than it appeared on it. The good news is, Tron ecosystem is slowly shaping up, first dApps are surfacing and since they already have huge community of supporters, there should be one or two dApps developers among them that can help out in building the initial apps.
Justin Sun is a marketing wizz which is a great skill that can attract many projects to Tron platform if he arranges that Tron Foundation offers support to apps launched on their platform. Which, I am sure, he will do.
But the leash is getting shorter by day and big talk with no backing will end bad. So, the actual battle for Tron just started.
This wasn’t the first time a major announcement caused TRX to bleed. Back when the original tron testnet was launched we saw the price fall from $0.049 on March 29th, to $0.028 on April 1st. We saw a similar, if somewhat milder response by the market after the mainnet came live. The coin traded at around solid $0.064 just before the launch and just a couple of hours later TRX was valued at $0.059. It has somewhat recovered since and is currently trading at $0.057, being down approximately 4% in the last 24 hours.
The drop has coincided with a generally slow month of May that Tron has been experiencing. A slow bleed has led to a drop in price from 1000 satoshi to 768, where it’s currently sitting. However many experts and analysts agree that this bleed is only temporary and that “Tronics” should have nothing to fear. One of them is of course John McAfee, a crypto maverick and an avid supporter or TRX, who expressed his thoughts on the token a few days before the mainnet dropped. In a Twitter post he encouraged the Tron community to become more engaged with their coin by saying:
If you are in the Tron community, vote for @team_tronics. Why? Because they are one of the few teams attempting to give back to the crypto community. Also, there are a couple of beautiful women on the team who promised to send me their phone numbers. So vote for them or else!!
McAfee’s post seemingly advises Tron holders to keep doing so, as one of the terms of voting on the platform is to own TRX tokens. Of course, the controversial Justin Sun, owner and creator of TRX, replied to this post with a tweet of his own, just hours after the mainnet launch:
“Thanks @officialmcafee. I believe the TRON Super Representative Election on June 26 will become a gold standard for blockchain governance as one of the few blockchain communities with a legitimate governance system. #TRON #TRX $TRX #TRONSR”
Justin Sun followed the launch on a live stream filled with some very awkward North Korea-style clapping and hilarious Engrish. You can check out the entire presentation on this link.
Where is TRX headed next?
Mainnet launches are always hard and messy, but Tron handled its own with no major blunders, so far. The Odyssey 2.0 is still in beta phase looking to iron out all the kinks and bugs, with Justin Sun recently announcing a bug bounty worth $10 million USD. This does suggest a serious devotion to creating a quality platform that will satisfy everyone’s needs. With plans to handle over 10 thousand txps and no transaction fees promised, the mainnet has a lot to deliver and not much more time to do so. The mainnet is supposed to leave the beta phase by June 26th. The project seems to be slowly shaking off the previous bad press and creating something that’s capable of standing on its own two feet, without the help of Ethereum. If it all goes as planned, TRX holders could see some nice growth in the value of their portfolios.
