TRON (TRX) Price Recovers After Overselling
The TRX price returned to $0.015 after traders returned, signalling the project remained strong.
TRON (TRX) saw rapid selling during Monday’s market crash, but prices recovered to the usual range around $0.015. In the case of TRX, price action remains subdued, with no expectations of hiking to a much higher price range.
The recent price drop was seen as shaking down weak hands, while the asset still saw demand.
The price of TRX fell significantly after news of crackdowns against small Chinese exchanges. Additionally, rumors of problems with Gate.io and IDAX shook down the confidence. Still, TRX remains one of the most active networks.
On the TRON network, transfers of DDOS tokens continue each minute, with already more than 48 million tokens minted. Each DDOS mining transaction produces 73 or 74 new tokens. The token page also bears the moniker “eidos trx”, signalling a connection to the EIDOS asset on the EOS network.
Dapp Radar lists DDOS as a high-risk application. In the past day, the statistics see only 25 users, though the real number of miners may be higher. It is possible some TRON resource owners mine on behalf of other users. DDOS trades at sub-penny prices, with so far low liquidity.
So far, the usage of the TRON network has not caused problems similar to those of EOS, where dApps are already leaving the platform.
TRX also saw a series of outflows from the Korean exchange Upbit. So far, it is uncertain what caused the withdrawals. Upbit has seen an exit of funds in the past day, and is yet to make an official statement on the whale transactions.
TRX is still low-priced enough to go through 25-50% rallies, which are still attractive in the short term. Additionally, the TRON network carries more than 874 million USDT, highly active on several exchanges.
TRX still has the disadvantage to be locked to US-based users, and is seen as relatively underpriced. At this point, it is uncertain if US-based exchanges would move on to list the asset.