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TRON (TRX) ‘Partnership’ with Baidu has Nothing to do with Blockchain

The TRON (TRX) and Baidu ‘partnership’ all started with a tweet.

TRON’s founder, Justin Sun, is notorious for vague ‘pump’ tweets and this one was no different. TRON’s ICO ended at the beginning of Sept 2017, and that’s when the “wait for our next big partnership that’s coming soon” marketing tactic began. In the beginning, it was effective. Sun would post a tweet of this nature and TRX would jump in price. Eventually, investors stopped listening because the partnerships made weren’t as big as expected.

Unfortunately, when TRON completed its mainnet and various other foundational milestones worthy of a price pump, investors were burnt by the project’s previous marketing tactics and didn’t purchase TRX.

TRON (TRX): The Boy Who Cried Wolf?

It seems the TRON team is sticking to what they know and it seems to have worked again. TRX soared 10% in price when the unconfirmed reports specified that Baidu was the ‘mystery’ partner. There has yet to be an official announcement made by either TRON or Justin Sun about this said partnership.

According to the Chinese crypto news site Odaily, TRON is only renting cloud server space from the Beijing-based tech giant.

The translated press release states:

“Wave Field TRON will build compatibility with Baidu Cloud to build, operate and debug blockchain products to optimize compatibility and optimize the development experience.”

Criticism

Justin Sun’s “announcement of an announcement” tweets have been a long joke in the crypto space, and even Vitalik Buterin has poked fun at it. While it may be a good joke for some, others aren’t laughing.

Back in January, Sun pulled a similar tactic with TRON’s partnership with Baofeng. The founder called Baofeng the Chinese Netflix, but instead, it’s more of a video player software. Also, the partnership wasn’t with Boafeng, but a subdivision of the company—stretching the truth a little bit.

We will see what TRON and Justin Sun have to officially say about the matter if they even acknowledge it at all.

TRX Price Movement

According to CoinMarketCap, TRX is currently trading at $0.0246 a coin, down -1.97%.

Featured Image: Depositphotos/© depositedhar

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Ethereum (ETH), TRON (TRX), and IOTA (MIOTA) Lose Big

The crypto market has been taking quite a beating these past 36 hours. Bitcoin (BTC) is currently trading around the $6,000 mark and currently holds 54% of the total market dominance. Many of the altcoins are suffering, especially Ethereum (ETH). We’ll also take a closer look at TRON (TRX) and IOTA (MIOTA), two other altcoins on the market that are currently suffering big.

Ethereum (ETH) News

Yesterday, the second largest cryptocurrency by market cap fell to its year-low of under $300. According to CoinMarketCap, ETH is trading at $261.46 a coin, down -15.01% in 24 hours.

The last time Ethereum traded at these levels was back in November of 2017. It remains unknown if investor confidence has fallen with Ethereum specifically or if it’s just an overall crypto sell-off.

Ethereum developers are frantically trying to come up with a solution to solve Ethereum’s scalability issue, and presently, there are many options on the table.

TRON (TRX) News

Despite having its mainnet launched and running smoothly, TRON has fallen to the 12th largest cryptocurrency by its market cap just behind IOTA. This week, TRON has been passed by Monero (XMR) as well as IOTA.

There hasn’t been a specific instance that has caused TRX to drop, as its mainnet has been running fairly steady.

At press time, TRX is trading at $0.0175 a coin, down -19.55% in 24 hours. For the week, TRX is down -41.07%, and for the month, the coin is down -47.60%.

>> IOTA Founders Brawl

IOTA (MIOTA) News

IOTA had a shaky week last week, as two of its co-founders engaged in an altercation that was made public. After the transcript was leaked to the press, IOTA made a formal announcement about the altercation and how they eventually resolved the conflict.

Despite the IOTA Foundation giving a formal explanation, it seems investors aren’t too confident in the young leaders. However, MIOTA’s dip could very well be just a market trend.

At press time, MIOTA is trading at $0.424 a coin, down -18.73% in 24 hours. IOTA is ahead of TRON as the 11th largest cryptocurrency by just over $50 million.

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Tron TRX Token Swap Nears – TRX Down -37% Since Main Net Launch – Crypto Currency News

Tron TRX – The TRON main net was released just nearly three weeks ago, but TRX’s price has yet to reflect the monumental event.

It remains unknown if investors are just waiting to see if the main net had any crucial bugs or flaws before cashing in, but two and a half weeks later and the coin is still dropping. Tron’s vision is years from completion, but it is surprising that investors hadn’t gained any confidence from the fact that the Tron team finally released the Tron blockchain.

TRX Token Swap

TRX’s token migration is set to start this Thursday and will conclude on June 25th.

At this time, all exchanges that have TRX on their platform will perform the migration for its investors. From June 21st-25th, TRX withdrawals on these exchanges will be suspended, and on the 25th, both withdrawals and deposits will be suspended.

TRX holders must transfer their TRX to the exchange they traded their TRX for before June 21st. If you forget to do so, there will be a permanent token exchange counter that will be able to swap your ERC20 TRX tokens for main net TRX tokens. All TRX tokens traded will be at a 1:1 ratio.

>> Tron Independence Day

TRX Price Movement

Tron’s digital token saw a spike in price around the middle of May but has since dropped and continues to drop.

At press time, TRX is trading at $0.0420 a coin, down -2.07%, in 24 hours. For the week, TRX is down –9.87% and for the month, TRX is down –37.77%.

It remains unknown if TRX will rebound after the token migration is completed, but many senior analysts predicted TRX would spike just after the main net launch and were wrong.

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