TRXDOWN Cryptocurrency coin - Review and Information

[BrolySSJ 7899]

TRXDOWN is a cryptocurrency coin that has been circulating in the cryptocurrency world since the start of its issue date, which was last year on the 11th of September 2020. Currently, at the time of writing this article, the TRXDOWN coin is trading at roughly 0.161 USD. According to coinmarket, the aforementioned coin is currently ranked number 2402 on the market of cryptocurrencies, meaning that it is one of the coins that falls into the background of the cryptocurrency scene, with much of the other coins having much higher trading volumes. 

 

This becomes especially evident when it comes to analysing the coin in terms of its market trade value that has been made in the last 24 hour period. With the coin being listed on Binance, one of the leading cryptocurrency exchanges, and the fact that the coin is named after a popular token (TRX - Tron) which has gained massive popularity in the cryptocurrency world, the 24 hour market volume was recorded as being just over 5.6 million USD. 

 

The highest value that was noted with this coin exceed 7 USD which was noted around the latter part of December last year, with the TRXDOWN coin noting a price of 7.33 USD on 24 December 2020. Over the last 24 hours the coin has seen a 14.55% drop in its price, which was met with a 37.66% drop in its trading volume - clearly a coin that Is close to the end of its lifespan in my opinion, based on the rapid drop that can be seen over the course of two months alone. 

 

There is currently no data relating to the market cap or circulating supply of this coin.  This coin is a leveraged token on the Binance platform, and should be leveraged and invested in at the risk of the user that is getting into the cryptocurrency market. 

[Mella 3680]

Is the TRXDown token means something? I have seen some tokens like XRPUP and Down but I thought this is a token that means you buy the token if you think that price is going down. I don't understand how it reached 7 dollars. Maybe it was seen by traders that the price of the token will go down a lot and they bought the coin because thinking it was going to drop a lot. Very strange to have a token like that instead just trade the token itself. Maybe they made this token to counter the ban of many countries on the derivative trades in unregulated exchanges. Binance is not regulated and the UK and USA have banned all unregulated trade rooms for derivative exchange. These are also tokens coming from FTX exchange which has some big supporters but is all shady and greedy and I wouldn't trust for any way.