Tron (TRX) Remains One of Few Coins to Regain Value After Recent Market Correction
Tron, trading as TRX, is making strides in China as many are speculating the outright ban in the country that has seen so much cryptocurrency mined in recent years. After TRX received preferential treatment from the communist government that upheld a strategic partnership with the Chinese version of Netflix, she has sparsely been in the news avoiding controversy. Unfortunately, the lack of positive announcements have led to the coin slipping further away from her peak of around 20¢ on the 8th of January.
The decentralized currency which has been seen favorably by content creators is continuing to market the coin to those who wish to bypass large corporations such as Facebook and Google to deliver their product directly to the entertainment consumers. The loyalty from consumers was especially seen this past week once the coin nearly doubled in value following the massive market correction while many cryptocurrencies have yet to recover. This strong show of support is notable as Tron has yet to make any major acquisitions in technology to increase the value and still appears to be working towards a viable product which is understandable once an investor couples this detail with the fact that she is still worth less than a dime and trending towards the worth of a nickel.
Still, coming off the heels of a significant plagiarism accusations which saw the coin fall dramatically and inject doubt into the seriousness of the project has undoubtedly lingered on the performance of the coin. As the CEO, Justin Sun, claims the project is over 10 years old, there really is no excuse for failing to produce original documentation on a cryptoasset in which global investors will be committing large amounts of capital. The saving grace for Tron is the growth of social media in China and the community under which she was founded. I would stay away from this coin as TRX reminds me of penny stocks that eventually go bankrupt, but the floor of the cryptoasset appears to have been hit several times around 4¢ before she peaked earlier in the month and even after the market correction which virtually the entire cryptocurrency market was exposed to earlier this week. However, be weary that like anything social, TRX still has the potential of being a fad and going away overnight like so many other failed social media sites.
