TRON (TRX) did not survive last week’s downturn, which continued on Monday. As Bitcoin burrowed toward the $7,000 level, possibly lower, TRX also depreciated, to $0.065, down nearly 20% net in the past seven days.
The rally for TRX ended well in advance of the mainnet launch, breaking down from recent positions around 7 cents. Some believed the rally would continue until the mainnet launch, but with pessimism taking over the markets, this may be improbable.
However, there is a silver lining for TRX, which trades near its peak in BTC prices. The dollar price looks low, but TRX may be headed for the 1,000 Satoshi level, bringing it to a price record. For those trading against BTC, the asset has a short-term bullish case.
Etherscan is showing relatively large transactions of TRX flowing into exchange wallets. However, there are more than 10,000 addresses holding TRX, and it is unknown if all users are aware of the need to move their tokens as soon as possible. The latest exchange prepared to assist with the TRX migration is OKEx:
It is possible in theory to use other wallet balances and find a way to grant the new digital assets to latecomers. For TRON, users have until June 21 to move their tokens, with a long grace period after the mainnet launch. The new tokens will have an immediate task - to be used for voting rights in the upcoming Super Representatives elections. Already, there is a list of Super Delegates, and TRON owners will have to do their research. The voting is an incentive to hold onto the coins, and not sell them - hence TRX may hope for some support in the coming months.
However, the pressure to hold onto TRX is mixed with the constantly sinking prices, which may cause selling to cut losses. TRX is inherently volatile, and even with the mainnet launch, it is unknown how the price would survive.