Tron (TRX) suffering from heavy legs after the big run

Tron has seen better days price-wise. After seeing a slight positive spike on June 18th which brought the price up from $0.041 USD to $0.051 USD in a single day, the coin went on a slow bleed which lasted until June 27th, when it hit the lowest mark this month at $0.037 USD. Currently the token is experiencing a few days of sideways movement, following Bitcoin and looking to decide what’s its next move is going to be. The price is hovering around $0.038 USD, giving Tron a token a total market cap of $2,556,595,597 USD. Its recent price woes, combined with Tether’s market cap surging after printing new $250 million USD worth of fiat backed tokens, have seen TRX fall out of the top 10 most valuable cryptocurrencies. For now it’s safely tucked in the 11th spot, with the trailing Monero being half a billion USD below on 12th.

The recent price stagnation does seem to be going against the FA announcements that have been surrounding the token lately. With the Tron Independence Day passing and its mainnet being up and running, TRX seems set to complete the token swap from ERC 20 to native mainnet ones. You can see the full list of exchanges that will be supporting the migration here.

In the meantime, Justin Sun announced that Tron has entered BitMEX, making TRX the 8th cryptocurrency to officially get its own futures market. This could have several implications for the price of the token. Futures could bring in the interest of the institutional money and give TRX validity. On the other hand, people might start shorting Tron which could down the price even further than where it is right now. @seregarussi4 from Twitter comments:

“Futures will kill the price of your token, just like they killed Bitcoin.”

In other news, Tron announced its Super Representative elections have yielded their first official node. The node will be run by CryptoDiva, a blockchain capital group which provides financial services to blockchain projects. Super representatives will work as the network validators and will replace the Genesis representatives which oversaw the mainnet launch once the SR voting is completed. TRON will elect a total of 27 super representatives out of 100 candidates, with the number of votes updated every 6 hours.

Finally, Tronics got a special update today as Tron announced an official partnership with Pornhub. The full announcement said:

@Pornhub is now accepting TRX! The leading adult website will soon offer #TRX as a payment method. With over 85 million daily visitors, Pornhub is currently ranked 13 across all website categories in the world!

The platform that recently famously took money from Verge to use them as a payment option will now accept TRX tokens for all your pornographic needs. This partnership will probably go better for Tron as a)they didn’t go out of their way to announce it as the biggest partnership in history of the world, like Verge did and b)they didn’t ask their investors to fund the partnership themselves, like Verge did.

Tron is definitely putting in some decent work post-launch. A couple of decent announcements here and there and a continuously serious approach to the mainnet should see the token do well when the market starts recovering.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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