on the crypto
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.
According to experts, there are 3 main reasons for the continued decline in TRX prices.
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.
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.
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:
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