TRON is dying after the project started crashing due to the Buffet lunch disaster and the altcoin is now struggling to find bullish support as we can see clearly in the altcoin news analysis.
The bigger part of the community of the hyped Tron cryptocurrency is dropping fast a huge rate as the data analytics firm The Tie claimed today that the tweet volumes of Tron have decreased by 59 percent since June. It shows that neither the Chinese company nor the followers are making big efforts to keep the momentum up. The data shows evidence in the shrinking market valuation of TRX as the TRX/USD instrument at press time is trading more than 60 percent down from the year-to-date top on Binance crypto exchange. At the same time, TRX seemed even weaker against the number one cryptocurrency bitcoin with the relative value down by more than 80 percent to this time of press.
The social media relevance has a very important role in the crypto space since the projects with maximum followers and engagement rates are getting more speculators into buying their native asset. TRON managed so far to keep the overall returns into the positive territory but it seems like the investors have started seeing Tron as an overhyped project which reflects in the way that the blockchain startup has lost its capitalization to some of the other projects. The Tie believes that Sun’s idea with the charity auction launch has only backfired as he was trying to convince Warren Buffett to get onto the crypto wagon. He called off the lunch and he has since avoided discussing the lunch-date with Buffett:
‘’Tron saw a massive surge in tweet volume to ~500 daily tweets in June after Justin Sun’s announced lunch with Warren Buffet,” commented TIE. “Since June, tweet volumes have fallen by 59% and are approaching November 2017 lows as [the] price has fallen from a 12-month high of $.039 to $.016.’’
While Sun issued a huge apology after the delaying of the lunch, it seems like TRON is dying because of the consequences. He stated that he excessively advertised the event and that his actions got out of control but for the traders, it seems like Bitcoin is far more attractive crypto with a market dominance of more than 70 percent as we learned in the latest cryptocurrency news.
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