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Tron (TRX) showed a strange price volatility on Thursday, before the currency was listed on the Hong Kong-based cryptographic exchange, CoinSuper.
TRX saw its total value increase by 2% during the day, with the start of trading on CoinSuper on November 2 at 06:00 UTC or at 14:00 on Singapore Time.
Odd price pump
However, the CoinMarketCap TRX data show a sudden increase in the value of TRX on Thursday morning, followed by an equally sudden dip two hours later.
As you can from the vertical lines below, TRX has earned 7% of its value in five minutes, sending the price of the coin from $ 0.022152 to $ 0.023718. Just over two hours later, most of these gains were lost, as 4.8% fell from the TRX rating just as suddenly.
Although we often do not see this type of scheme from a coin so high in the market rankings, the shape of this daily chart has all the cosmetic characteristics of a pump and a landfill. The results of CoinMarketCap data are known to be characteristic, but TRX movements may simply be the result of fluctuating readings from the exchanges.
It should also be noted that this model appeared on the cards of several other coins, including EOS (EOS), Bitcoin (BTC), Zcash (ZEC), OmiseGo (OMG) and Tether (USDT). Several altcoins were not at all troubled by the flow, for no apparent reason why.
For a clear example of a certified Class A pump and landfill reference, see the P & D serial artist Bitcoin Diamond (BCD).
TRX hits CoinSuper
As per announcement of the founder and CEO of Tron, Justin Sun:
"#TRON will be listed on @Coinsuper_OFCL, a "FIAT-to-Crypto" exchange based in Hong Kong founded in 2017. #TRONICS can deposit and withdraw #TRX on November 1, 2:00 pm (SGT). TRX / BTC, TRX / ETH will be available on November 2nd, 14:00 pm (SGT). $ TRX … "
CoinSuper hosted $ 130 million in exchanges on November 1 and is the 29th largest cryptocurrency exchange in the world by volume.
If we consider the unadjusted numbers, ie the volumes including transaction mining, CoinSuper is positioned at the fourteenth. In both cases, TRX will be paired with BTC and ETH in the Hong Kong plant, with trading starting to take place within Friday morning in the Western time zones.
TRX / USD
Despite the odd price movement at the start of the day, Thursday proved to be a successful day for TRX, which posted net gains of 2% in twenty-four hours.
The 3 billion dollars that returned to the encrypted market on October 31st have spread mainly to the altcoins, with coins like Ravencoin (RVN) and Dropil (DROP) that have achieved double-digit earnings by November 1st.
Tron's earnings were less pronounced, but are in line with other currencies around the top ten of the market, such as the 2% gains recorded by Cardano (ADA), XRP (XRP) and IOTA (MIOTA).
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
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