Tron (TRX) has felt the crash worse than most in the last 48 hours, as Sunday Bloody Sunday extends through to Monday.
TRX is still down 13% against the dollar, carrying over the same losses since yesterday, which leaves one unit of Tronix trading for $0.045.
Tron gained huge ground in the last few months, and peaked on April 30th at a price of $0.097. Things slowed down for Tron after that, and its price hovered between $0.06 and $0.08 for much of May. A strong surge came towards the end of the month as hype built up around the imminent launch of Tron’s mainnet, and their subsequent departure from Ethereum.
But all of that progress looks to be gone now, as TRX reverted to a mid-April price of $0.045.
Tron’s near 100% gains during that time have been wiped out completely amid the chaos of the last 48 hours. Although to be fair, Tron did start the week at $0.06. However, the price also reached a recent high of $0.082 only twenty days ago, so the losses have been sudden and enormous.
Tron’s fortunes could be tracked by an easily understood formula back in April – when Justin Sun takes to Twitter, the value of Tron rises.(Even the plagiarized whitepaper scandal didn’t really seem to affect Tron’s stature).
This trend was expected to follow into May, especially concerning Tron’s mainnet launch. Tron investors were eagerly awaiting the hype train to continue steaming on ahead, and hoped the launch hype would be enough to push TRX back up to the $0.08 – $0.09 mark at least.
Instead what we got was a damp squib, and a reversal in fortunes which sees Tron handing out losses even to investors who got in at $0.059 just a few weeks ago.
Besides the news of Coinrail’s hack and the subsequent regulatory investigations, another factor adding to Tron’s downturn could be a lack of surety concerning their departure from Ethereum. TRX holders have been loading their holdings onto exchanges for a while now, and rather than await the new coin swap, many may have simply cashed out for a quick gain.
The EOS mainnet launch was received with an initial boost, but has since lost everything it gained in the past 48 hours.
Sun announced details of the swap on Twitter:
“TRX migration will occur from Jun 21 to Jun 25 11:59PM Singapore time. If your ERC20 TRX are held in a wallet, you must deposit your TRX to an exchange supporting the migration before Jun 24th 11:59PM Singapore time. Here are the exchanges supporting TRX migration.”
As always, the crypto landscape changes quickly. Tron’s meteoric gains of the last few months have just been evened out. But TRX is still way up from its late-January low of $0.025. The question now is, how far is the current bear market going revert back to its own pre-January levels.