TRON (TRX) Continues its Downward Movement, Even Amid Successful Launchpad Campaign

The eight largest cryptocurrency based on market capitalization, TRON (TRX) has fallen over 5% over the past 24-hour period, following the bearish trend of Bitcoin and Ethereum.

Despite the fall, TRON’s latest acquisition, BitTorrent, successfully closed out an ICO round on Binance’s Launchpad platform.

While ICO hype drastically decreased over the past year, Binance decided to go all in on launching a campaign with the new BitTorrent Token (BTT). In under 15 minutes, the 50 billion token round has finished. Binance sold 50 billion tokens in two simultaneous sessions – 23.76 billion with Binance’s own cryptocurrency, Binance Coin (BNB), and the other 35.64 billion – using TRON’s TRX token.

The two sessions finished within a jaw-dropping sub-fifteen minutes time span. The BNB session only took 13 minutes and 25 seconds, and the TRX-powered session took 14 minutes and 41 seconds. The sessions helped TRON and the team behind BitTorrent to achieve the $7.2 million mark.

Binance’s CEO, Changpeng Zhao stated that the only reason the trading sessions took around 15 minutes to complete was due enormous user demand: “We could have finished the sessions in just 18 seconds, but the astronomical demand overloaded our servers. Even the cache of the cache was overloaded. We underestimated user demand,” Zhao added.

Despite the success, however, TRON’s project lies “on a fragile line”, according to Simon Morris, former chief of strategy on the BitTorrent team. In his words, the marketing strategy of TRON is misleading, because during the tests, 10 000 transactions “nearly melted TRON’s servers”.

Overall, financial experts are saying that TRON’s momentum is far from lost. The reason – the massive increase in trading volumes over the past couple of days and TRON’s plans of releasing the first version of their BitTorrent Speed this summer.