Tron (TRX): Today, Justin Sun posted a countdown on Twitter for the upcoming Tron Virtual Machine launch. However, from the comments he received, it is clear that investors are no longer amused by these countdowns. Take a look at some of the replies he received.
This is a sign that the only thing Tron (TRX) investors want at this point is for the price to rise. They have gone through several countdowns with expectations of a pump, but the price has ended up dropping. So will this latest countdown count, and pump up the price of TRX?
Well, there is a good chance that this time, the countdown could lead to something big. That’s because the Tron Virtual Machine launch is coming at a time when the entire crypto market seems to be picking up some positive momentum. In the last few days, bitcoin has pushed above $7000, and uplifted the rest of the market with it. Tron (TRX) is one of the cryptos that have gained, having broken back above $0.04.
If this latest pump marks the beginning of a bull run that will sustain for the next few weeks, then chances are that the TVM launch will be a catalyst for Tron to outperform the market. That’s because good news tend to drive up prices in a bull market, but have little impact in a bear market. It’s for the same reason that XRP (XRP) has been pretty stagnant for the last 6 months, in spite of all the good news around it.
Therefore, for someone looking to put their money in Tron (TRX) on the basis of this countdown, taking advantage of current prices can actually pay off. That’s because unlike the other countdowns that Justin Sun has done in the past, this one is coming in a bull market.
However, even as you watch the countdown, it’s also important to keep an eye on the price of bitcoin (BTC). That’s because bitcoin’s dominance in the crypto market is quite high right now, and stands at over 41%. It’s a sign that after a 6 month crypto winter, investors are pivoting more towards bitcoin for safety. Until the Bull Run is fully confirmed, with a bitcoin break above $10,000, chances are that Bitcoin (BTC)’s dominance in the market will stay high. This makes the altcoin market even more correlated to bitcoin.
As such, if bitcoin (BTC) continues to gain in value as we approach the TVM launch, then the countdown is more of a sure bet to profits. On the flipside, if it falters and drops back to $6000, then the TVM launch may not count that much.
But for an investor, short-term price fluctuations shouldn’t matter that much. That’s because once TVM launches, Dapps developers will slowly move over to Tron (TRX) on the basis of its efficiency. In the long-run, this will add to its intrinsic value as a blockchain, and ultimately reflect in the value of Tron. Once that happens, Tron could easily rise to over $1.