The price of TRON’s TRX is down little under 5% today as the cryptocurrency has seemingly been the most affected in a widespread crypto market downturn.
Behind TRX’s negative performance could be new details regarding TRON’s plan for a new staking mechanism, outlined by its founder Justin Sun. The new mechanism, as covered, is set to provide a “fair, decentralized distribution of staking revenues” and encourage user participation.
This could lead to smaller rewards for large network contributors, in a bid to help further decentralized TRX and encourage users to be more engaged with the network. While it isn’t completely clear TRX’s price dropped harder than other top cryptocurrencies because of the proposal, it could be coinciding with large holders reducing their exposure.
Source: CryptoCompare
At press time, according to CryptoCompare data, TRON’s cryptocurrency is down by 4.9% against the U.S. dollar, and is trading at $0.0169, after falling from nearly 0.0175 earlier today. After seeing a strong start to the year, the cryptocurrency entered a downtrend that saw it lose 24% of its value in the past six months.
The last 30-day period saw TRON’s TRX value go down by only 2.8% as it recovered from a drop that saw it hit $0.014. It’s worth noting most other cryptocurrencies dropped between 0.5% and 1% in intraday trading, on a day market by the launch of Bakkt’s Bitcoin futures going live.
