Tron (TRX) showed some strange price volatility on Thursday, ahead of the coin’s listing on Hong Kong based crypto exchange, CoinSuper.
TRX saw its overall value rise by 2% over the course of the day, with trading set to commence on CoinSuper on November 2nd at 06:00 UTC, or 14:00 Singapore Time.
Odd Price Pump
However, the TRX data from CoinMarketCap shows a sudden jump in the value of TRX early on Thursday morning, followed by an equally sudden plunge two hours later.
As you can from the vertical lines below, TRX gained 7% on its value within the space of five minutes, sending the coin price from $0.022152 to $0.023718. Just over two hours later most of those gains were lost, as 4.8% fell from the TRX valuation just as suddenly as they came.
While we don’t often see this kind of pattern from a coin so high up the market cap rankings, the shape of this daily chart has all the cosmetic characteristics of a pump and dump. CoinMarketCap’s data outputs are known to be temperamental however, and TRX’s movements could simply be a result of fluctuating readings coming in from the exchanges.
It should also be noted that this pattern appeared on the charts on several other coins, including EOS (EOS), Bitcoin (BTC), Zcash (ZEC), OmiseGo (OMG) and Tether (USDT). Several altcoins weren’t troubled by the flux at all, with no apparent reason why.
For a clear reference example of a certified, grade-A pump and dump, see serial P&D artist Bitcoin Diamond (BCD).
TRX Hits CoinSuper
As per the announcement by Tron founder and CEO, Justin Sun:
“#TRON will be listed on @Coinsuper_OFCL, a Hong Kong-based “FIAT-to-Crypto” Exchange founded in 2017. #TRONICS can deposit and withdraw #TRX on November 1, 14:00pm (SGT). TRX/BTC, TRX/ETH will be available on November 2, 14:00pm (SGT). $TRX…”
CoinSuper hosted $130 million worth of trades November 1st, and is the 29th largest cryptocurrency exchange in the world by adjusted volume.
If we look at non-adjusted numbers – that is, volumes with transaction mining included – then CoinSuper is ranked 14th. Either way, TRX will find itself paired with BTC and ETH on the Hong Kong based exchange, with trading set to commence by Friday morning in western time zones.
Despite the odd price movement earlier in the day, Thursday proved to be a profitable day for TRX as it raced to 2% net gains over twenty-four hours.
The $3 billion which re-entered the crypto market on October 31st mainly found its way into the altcoins, with coins like Ravencoin (RVN) and Dropil (DROP) hitting double digit gains by November 1st.
Tron’s gains were less pronounced, but are in line with other coins around the market cap top ten, such as the 2% gains recorded by Cardano (ADA), XRP (XRP) and IOTA (MIOTA).
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.