Tron blockchain’s TVL (Total Value Locked) is dropping, bucking the trend despite abounding hype about the network’s imminent Nasdaq bell ceremony.
It comes barely two weeks after Tron announced plans for an IPO (Initial Public Offering) achieved via a $210 million reverse merger.
Tron To Hold Nasdaq Bell Ceremony: What Users Need to Know
Tron announced the Nasdaq bell ringing ceremony in a Wednesday post, igniting euphoria among community members.
An official press release indicates that Tron founder Justin Sun will lead the ceremony. The venue will be the Nasdaq MarketSite in Times Square. The event will highlight the company’s transformation into next-generation technology and digital innovation.
“Ringing the Nasdaq Opening Bell marks a powerful milestone in Tron Inc.’s journey,” read an excerpt in the press release, citing Rich Miller, CEO of Tron Inc.
The announcement also revealed Tron’s plans to build shareholder value through innovation and strategic leadership, expanding into blockchain-powered treasury holdings.
Notably, the Nasdaq bell-ringing ceremony is related to Tron’s recently announced IPO. However, not in the way a traditional IPO might suggest.
As BeInCrypto reported, the IPO would be via a reverse merger. This means leveraging a backdoor listing method where a private company becomes public by merging with an already-listed company.
Eric Trump will be among the leaders in the newly formed Tron Inc. Dominari Securities, a New York-based investment bank with close ties to President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, orchestrated the merger.
Given there was no official announcement about when Tron went public via the reverse merger, today’s Nasdaq bell ringing likely coincides with the IPO.
It is worth noting that Tron Inc. will operate similarly to Michael Saylor’s Strategy (formerly MicroStrategy). This means holding large amounts of Tron’s TRX token on its balance sheet as a digital asset treasury strategy.
Nevertheless, despite hype around the event, Tron TVL is down by $136 million, moving from $5.847 billion on the announcement day to $5.711 billion as of this writing.
A drop in TVL suggests shifting liquidity on the Tron network. Tron’s powering token, TRX, has also dropped by 2% in the last 24 hours.
As of this writing, TRX was trading for $0.30912. Despite the drop over the one-day timeframe, Tron’s token is up nearly 130% year-to-date (YTD) and 14% over the last month.
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