TRX Stock: TRON Blunders are Bringing Down In The TRON Coin

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A couple weeks ago, TRON (TRX) was going to be the new Ripple (XRP). It was a rising star in the cryptocurrency world. Its price was gaining rapidly and looked like it was going to continue skyrocketing. The TRON coin, also known as Tronix, soared from 45 cents on January 1 to pass the $0.2 mark by January 4. TRX peaked in the $.27 on January 5th – then slowly started to descend back toward the $0.1 mark. Take a look:

tron (trx) tron coin
coinranking.com

At the time of writing, TRX is trading at $0.0955. That’s a 13% drop in the past 24 hours. Compared to its price seven days ago, it slipped 42% lower.

So, What Happened to Tronix, the TRON Coin?

Well, most altcoins with growing popularity experience a pullback after rapidly hitting a peak. But this downturn seems a little longer than most. Its price didn’t even plateau – it has just gradually gone down.

For those of you who bought TRON (TRX) right when it was peaking, hoping for a price growth trajectory similar to Ripple (XRP), you got burned.

There are a few things that have happened since the January 5th peak that may have kept its price down. First, it was hit with a plagiarism scandal regarding its whitepaper. We’ve already covered it before, and Mr. Sun has already offered up an explanation on Twitter:

Its Korean exchange volumes also suddenly got excluded from CoinMarketCap.com:

But while this was happening, a new deal announced by Sun on Twitter was getting a lot of heat online. According to TRON, it had just signed a deal with the “Chinese Netflix,” Baofeng. While that company does have a ton of users and name recognition, the deal announcement is misleading:

As pointed out by Inverse, the deal was actually with Baofeng’s hardware unit. That means that TRON (TRX) doesn’t really get any closer to the company’s hundreds of millions of active users. So, with TRON’s leader pumping up how many users it has – you can understand how people might get annoyed by the delivery of that announcement. It’s a much smaller deal than Sun made it out to be.

So, after so many mini-scandals in such a short time – do you think that the TRON coin will make a turnaround and head back toward $0.20?

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