on the crypto
TRON is an open-source blockchain-based protocol for the global digital entertainment industry. TRON's vision is to build a free, global digital entertainment ecosystem that allows anyone to store and own data using blockchain technology.
The project's native token, TRX, has a market value of $843.554.421.187 and has reached a quotation highest of $0,3004 on January 5, 2018. With an outstanding supply of 92.202.259.054 and a market cap of $4,7 billion, TRX is currently the 17th largest cryptocurrency by market capitalization. However, it has seen a significant decline in recent weeks and experts have made several predictions about the price of TRX for the end of 2022.
Tron dropped the second week of November, what do the experts say?
According to experts, there are 3 main reasons for the continued decline in TRX prices.
1 The first is the loss of faith in cryptocurrencies
The cryptocurrency industry took a huge hit when one of them, FTX, filed for bankruptcy. This has caused many to lose faith in cryptocurrencies and question their safety. Users of the platform have started withdrawing their cryptocurrency assets, causing a domino effect and further decline in TRX prices.
2 Presence of competitors such as BitGert
According to an analytics insight article, Bitgert (BRISE) and Centcex (CENX) also saw a higher adoption rate than TRX this year, as reflected in their price developments in 2022. The success of these projects has distracted attention from TRX, contributing to its price drop.
3 Instability of the TRON network in recent weeks.
In addition to the effects of the FTX crash, there was speculation that Almeda would sell its USDD holdings. The TRON founder also tweeted about the matter, saying that Almeda may have sold its USDD holdings. This negatively impacted USDD (the algorithmic USD decentralized stablecoin of the Tron network). As a result, the dollar was plundered multiple times, causing investors to panic. This has led to a sell-off in TRX, which has contributed to its continued decline in price.
Overall, TRON is a volatile token and to take advantage of the volatility you can use trading automation tools such as:
- An exchange bot: An exchange bot is software that trades on behalf of the user on an exchange. It can be linked to your bank account, so you can easily deposit and withdraw money. There are many exchange bots available, but KuCoin is one of the most popular.
- A trading bot: A cryptocurrency trading robot is software that trades on your behalf on the stock exchange. There are different types of trading robots that integrate with many centralized exchanges. For example, 7tesler allows you to trade up to seven different cryptocurrencies simultaneously, but they are considered a bit riskier.
- A multi-exchange bot: A multi-exchange bot is software that trades on your behalf on multiple exchanges based on a set of conditions. This type of bot is becoming increasingly popular because it allows you to take advantage of arbitrage opportunities. 3commas and Pionex are two of the most popular multi-exchange bots.