China's crypto rating agency have released a warning regarding the price manipulation of Tron (TRX)
Tron always appears to be in the spotlight, regardless of what news is out pertaining to the project. Earlier this week Tron released details for the upcoming BitTorrent coin airdrop set to begin next month. Tron is currently on a hot streak following price strength which has seen TRX climb while most coins remain unmoved or in the red.
China's crypto rating agency have released a statement regarding the price action of TRX. The standard consensus risk warning states "TRX price is obviously manipulated, please be wary of investors".
There is a good chance the upcoming airdrop of BitTorrent token (BTT) could be affecting the price as traders flock to by more TRX in order to gain more BTT. A recent tweet from the creator of BitTorrent, Bam Cohen, states that he is no longer affiliated with BitTorrent or TRX or the founder, Justin Sun.
This could spell bad news for the mammoth airdrop, which will be airdropping billions of tokens over several years.
The report expands on several issues, including Trons price movement which saw the coin rise 30% during a market downward turning point, stating overall market fundamentals are not enough to support TRX" The report expands on the conclusion stating "there is a clear manipulation effect on the price of the shipment. Although the TRX is in the sideways direction recently, the transaction volume is gradually reduced, and the market bullish sentiment is attenuated, which will cause further decline."
Standard & Consensus conclude that Trons current crypto rating is C, concluding that "The investment risk of the project is high"