History Repeats Itself: Tron (TRX) Nosedives During MainNet Launch
One of the fears of many Tron (TRX) HODLers before the MainNet launch, was whether the token would hold its own in the crypto-markets. The fear behind this, was that TRX has had a history of nosediving in the markets ahead of, and during any major announcement.
Response During TestNet Launch
When the TestNet version of the Tron Platform was released on March 31st, the token experienced a drop in value that was not welcomed by the HODLers and fans of the project. This is because the token fell from values of $0.049 on March 29th, to values of $0.028 on April 1st. This was a massive drop of 42.8% in a period that was under 3 days.
During the day of the launch, on the 31st of March, TRX managed to nosedive from $0.040 to values around $0.033: a drop of approximately 17.5%.
What about during the MainNet launch?
Initial reports indicate that the drop in value was 14% but let us do the analysis ourselves. At 3:14 am, UTC, and 14 minutes into the MainNet livestream by Justin, TRX was valued at $0.064. One hour later, and at 4:24 am, UTC, TRX was valued at $0.059. Doing the math, this is a drop in value of 7.8% in only 1 hours. TRX has since somewhat recovered and is currently trading at $0.061 and down 4.07% in 24 hours.
Also to note, that during the first few minutes of the MainNet launch, the price of TRX experienced a spike from $0.061 to the aforementioned level of $0.064.
A recording of the livestream is available for your viewership on the Tron Website. Justin Sun and the Tron Foundation can be lauded for their communication skills in terms of daily updates and livestreams during critical events such as the TestNet and MainNet launches.
The events that will now happen after the launch, is the rigorous testing of the platform that has Justin offering up to $100,000 to any developer who can find critical bugs on the new platform. The bounty program runs from the 1st to the 24th of June. The Genesis Block of the platform has been scheduled for launch on the 25th of June after the token swap has been completed.
Disclaimer: This article is not meant to give financial advice. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.