The FUD fear for Verge and Tron- Can they survive?
Jan 10, 2018 Posted / 8511 Views
The hype game, influential marketing strategies, dubious accomplices on social media can make a cryptocurrency fearful and vague about its existence for a great length of the period. The true survivors in the altcoin race will be the ones that can ride these waves both up and down.
Two of the altcoins that have recently gained high in the crypto area of interest swelling up the market cap statistics with great purpose and head held high is Verge and Tron. However, they have been facing tough calls from the FUD storms.
Verge escalated to darkness since mid of December to a dizzying high of just below $0.30 in a week’s time frame, it doesn’t seem a lot but it epitomizes an augment of 2700% in such a short period. A great deal of social media hype and promotions by blockchain warlord John McAfee. These set them up in motion and up it skyrocketed.
This tech giant rolled in the Wraith protocol was et to become the first crypto with discretionary anonymity, and the project on paper appeared like a champion. Then came the dark clouds of FUD and fabrications started building that McAfee and XVG co-founders are plotting to elevate the coin, and then slumping its growth. Wraith was late to come on the market and the selloff begun as the coin dropped to a low of $0.11. As per a Twitter post a day back, Wraith for Windows 64 bit has eventually been brought to the market.
At the time of writing the article, the privacy coin was trading at $0.20 with a market capitalization of $3.2 billion pointing that it has sustained the FUD storm.
Tron is yet another altcoin that has sprung first to sixth place in the market cap charts for around three weeks in mid-December and now is positioned at number 10. It registered an all-time high of $0.26 from $0.005 at the start of the month. This actually witnessed a significant acceleration of over 5000%. TRX is an entertainment based altcoin with intimate ties to influential celebrities in China as its founder is very active on social media. This has facilitated the currency in securing a great number of key partnerships.
However, as with Verge, a FUD storm started fermenting and allegations ousted transversely on many social media platforms from competing coin subsidiaries and patrons.
Litecoin founder Charlie Lee came openly in public and swiped at Tron on his Twitter feed with explicit referral to the rival coin and not the movie;
“People keep asking me about it… fine, I will give my opinion. I loved the original TRON movie but was meh about the latest one. I feel like it is extremely hyped without a lot of substance.”
Social media can be a dominant piece in crypto land and a selloff commenced amid additional rumours of copy-pasted Tron white papers and the founder Justin Sun bargaining a mass of his hold– which is ridiculous as that is something Lee truly did with his LTC.
The two digital coins have lately abandoned their digital weapons and admitted the necessity to endure the FUD for any new altcoin.
Tron is nevertheless trading low and has not been able to retrieve hitherto, nevertheless, a few consecutive statements and partnerships can help in bringing back these bright cryptocurrencies back in the scenario. One fragment of good news was the announcement on the Medium Page at the weekend that Tron Lab's akin social media company, Peiwo APP, obtained approval and acceptance from the Chinese government.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.