- Poloniex recently launched LaunchBase, its homegrown IEO platform.
- Tron (TRX) is the sole digital asset approved for investment on LaunchBase.
- Could TRX experience a run in the markets similar to BNB’s in 2019 when Binance Launchpad was launched?
On the 5th of April, the crypto exchange of Poloniex announced that it had a new investment platform for its users known as LaunchBase. This is the exchange’s homegrown Initial Exchange Offering platform where up and coming crypto and blockchain projects will have access to crowdfunding made popular by the decentralized nature of cryptocurrencies.
…yeah we are
See the article for details
— Poloniex Exchange (@Poloniex) April 5, 2020
Tron (TRX) is the Only Approved Coin for the Crowdfunding
Additionally, the announcement clarified that TRX was the only asset to be used on the LaunchBase platform.
Please note that LaunchBase has adopted a first-come, first-serve rule, and TRX, the token of its launch partner TRON, will be the only eligible currency for purchases.
Can TRX Follow BNB’s Path In the Markets With LaunchBase
With TRX being the sole asset used for investments on the LaunchBase platform, it is easy to start creating predictions based on the price action of BNB after its first 2019 IEO of BitTorrent (BTT).
Going back in time, we observe the BitTorrent (BTT) token sale was carried out in late January of 2019 and BNB was valued at around $6. Its value in the crypto markets would soon peak at around $39.65 in June of the same year. This is a 560% increment in value.
When we do a similar calculation with TRX at its value of $0.014 at the time of writing this, we find that the coin could find its way to $0.0925 in the next few months.
History Does Not Always Repeat Itself
However, readers and investors are cautioned against likening the performance of Binance Coin (BNB) to that of TRX once the LaunchBase platform is fully launched. What can be useful, is using the BNB model in tandem with individual technical analysis of Tron (TRX). In this case, traders and investors will not be blindsided by any volatility that had not been factored in when investing.
A good example of sudden crypto volatility is the dip of mid-March that saw Bitcoin drop from around $7,400 to $3,700 in a matter of hours. Perhaps as the world continues to win the war against the spread of COVID19, BTC and Tron (TRX) can have a good run in the crypto markets.
(Feature image courtesy of magnezis magnetic on Unsplash.com.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.