By CCN: Want to pump an asset’s market capitalization by more than 650 million in just two days? Then learn from Justin Sun.
The chief executive of Tron Foundation said last week that he would publish a big announcement after June 1. Nobody exactly knew what the revelation would be: a Godzilla or a Bambi, but the price of Tron’s blockchain token of the same encashed the hype pretty well.
The TRX rate today surged to $0.041 on Binance, its highest in 10 months. The move took Tron’s weekly gains to more than 55-percent, including a nearly 28-percent jump this weekend. The rise further assisted the blockchain project establishing a $2.71 billion market capitalization, up by 103-percent on a year-to-date basis.
TRON HAS REBOUNDED BY MORE THAN 100-PERCENT IN 2019 | SOURCE: COINMARKETCAP.COM
THE BLAH BLAH PROJECT
One cannot doubt that Sun’s so-called announcement painted a pretty picture on TRX charts. But all it takes is a splash of red to undo the work. And in case of Tron, such threats are best not ignored.
Sun has a history of projecting small acts as breakthrough phenomena. The community remembers the CEO for creating hype about partnering with “a giant whose valuation was worth of billions of dollars,” and later hiring China-based Baidu to use their cloud computing solutions. As usual, the TRX price reacted positively to the news and surged by 2-percent — even though the given
fundamental was entirely misleading.
In fact when I put gas in my car I'm Shell's partner and when I buy on Amazon I'm Amazon's partner … 😱
If that’s not enough to shake the conscience of hardcore Tron holders, then Sun braggingabout having 1 million followers on Twitter should do the job.
The CEO in March went too far in proving himself as the most popular crypto-celebrity but caused embarrassment to himself and his supporters when it was found that thousands of those followers were fake. What further serves the memory is Sun’s Tesla giveaway debacle, wherein he promised to award the expensive car to one of his lucky followers.
As it turned out, the CEO awarded the winner a return economy class tickets to one of Tron’s blockchain events. There went another opportunity for Tesla to sell a car.
Sorry I didn’t give you a Tesla, but instead we’ll give you two economy class tickets to attend our conference. That’s basically the same thing, right? https://t.co/Hdu9ARyA76
Buyers are going to buy whenever they see a near-term opportunity in Tron. That explains why the TRX price surged, especially in the last two days. But the full picture indicates that Tron is turning into a pro-trolling marketing campaign. Enjoy the bulls***t rally while it lasts.
Scammers impersonating Justin Sun following USDT growth
Binance U.S assessing TRON’S TRX
Tron recently received a large order via the BitMex exchange platform. The order volume was 8,314,848 trades, which has been traded on the 4-hour candle. This is a new height for the coin after hitting its largest order on November 22nd, though the order came as a result of a sell-side. Before this, the biggest buy order of that volume occurred on 15th August, this is most likely a once in a while situation for the coin.
TRON (TRX) Price Today – TRX / USD
Tron Price Analysis – since Thursday, the price of the coin has been trying to pull out from the Lows and the 0.01420 is currently the new resistance level in the way of a higher move. Away from this price, the next resistance is likely to be 0.01492 on the way up.
Tether (USDT) has reached an outstanding firmness in the digital sphere with a Tether (USDT). A Tether (USDT) is a cryptocurrency processing on blockchain mechanism distributed on TRON (TRX) network, has accomplished remarkable constancy in the digital space with an enormous 916 million stable coins inflow. According to several predictions that TRON based USDT may get substantial recognition taking over a quarter of all distributed
stable coins. USDT released on the Ethereum network takes the second position with 2.2 billion coins in circulation. Confirming the news is Tron’s CEO, Justin Sun, who took to his Twitter page and stated: “Yes! We did it! 916 million $USDT on #TRON! When 1 billion? #TRX $TRX.”
USDT, although created to provide steadiness and precision during the transaction, its influence in the digital space has advanced as there are several other factors in Bitcoin (BTC) price discovery. The overall volume of USDT has been at an incessant value of 4,108,044,456 coins, but its configuration on other blockchain networks differs.
Scammers Impersonating Justin Sun following USDT Growth
The recent growth in USDT has opened doors for new scams. An announcement was made by TRON Europe on December 12th, 2019 warning the general public to be conscious of fake USDT since impersonators of Justin Sun, CEO of Tether foundations has been promoting such fake USDT and selling them to inexperienced buyers and in some cases going as far as seeking for a partnership deal.
Binance U.S Assessing TRON’S TRX
Binance U.S would be testing TRX for listing, though it is not yet guaranteed it will be on asset add-on. TRON, its prospect of getting centralized has summoned several criticisms, despite that the network is relatively legendary for gambling distributed apps. The asset runs on TRON network resources to develop rewards that can be sold on the open market.
The “Chinese Twitter” blocked the account of Justin Sun.
TRX/USD has been on retreat following the news.
Chinese social media network Weibo, which is often called “Twitter for China,” blocked the account of TRON’s founder Justin Sun.
Dovey Wan, a founding partner of Primitive Ventures, wrote on Twitter:
BREAKING and FINALLY … @justinsuntron ‘s Weibo (Chinese Twitter) account is now officially SHUT DOWN. totally not surprised given how loud he has been on Weibo even after the Buffet Lunch/kidney stone drama…
Notably, Sun is known for his controversial marketing tactics that are often criticized both in China and around the globe.
Sun stayed calm and encouraged TRX holders todo the same. He assured TRON users that he would resolve the issue with Weibo via a “direct communication channel.”
TRON is super safu! Just follow me on @justinsuntron. We have a direct channel to Weibo and will get this resolved asap.
TRON feels the pain
Meanwhile, TRON (TRX) has been losing ground following the news. The 14th largest coin with the current market value of $915 million, has lost over 2.6% on a day-to-day basis to trade at $0.0137 at the time of writing. TRX/USD is also down 6% on a weekly basis and over 31% on a month-to-month basis.
Looking technically, TTRX/USD is moving within the downside channel. The initial support is created by $0.0133. This barrier is reinforced by the lower line of the daily Bollinger Band and the lowest level of
December 12. Once it is broken, the sell-off may e extended towards $0.0131 (November 25 low) and $0.0123 (the lower line of the weekly Bollinger Band).
On the upside, the initial resistance awaits us on approach to $0.0148. This area limited the recovery at the beginning of December; also, it is reinforced by the middle line of the daily Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on the confluence of SMA100 (Simple Moving Average) daily and the upper line of the Bollinger Band (currently at $0.0163).
Considering the downward-looking RSI (Relative Strength Index), the bearish scenario looks more likely in the short run.
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According to Jared Tate, the popular TRON cryptocurrency is actually just a government scam.
He adds that the token’s listing on Binance.US threatens to undermine faith in American regulatory bodies.
Tate was very clear in his opinion of both TRON and the Binance platform.
According to the DigiByte (DGB) founder Jared Tate, the popular TRON Chinese cryptocurrency is actually just a government scam. On top of this, he adds that the token’s listing on Binance.US threatens to undermine faith in American regulatory bodies. Tate reacted this way to recent news that Binance.US would be giving TRON a listing as well as 17 other altcoins.
Tate was very clear in his opinion of both TRON and the Binance platform. The founder has claimed that these projects are equally making fools of the American public.
Taking to Twitter this week, Tate said:
“If American regulators allow @BinanceAmerica to continue operating let alone list the biggest scam in crypto history fronted by the Chinese government to dupe unknowing American citizens there will be an unprecedented
loss of faith in our law makers.”
It’s safe to say that both Tate and TRON have a bit of a messy situation now.
As per CCN, Tate’s move to call TRON a Chinese government scam could come from Justin Sun’s willingness to “humble himself” before the Chinese leadership in the past.
As previously reported by CryptoDaily, Binance.US revealed that it was looking into new additions to its crypto trading list.
Part of the Binance.US announcement reads:
“Our priority to continue exploring more digital asset listings for our users runs in parallel to our efforts to deliver a mobile application and more access to new states we currently do not operate. Binance.US recognizes that the ease of issuing blockchain tokens and the perceived lack of regulation could make these tokens targets for abuse. Binance.US has both legal obligations and moral duties to shield our users from fraudulent blockchain projects and combat financial crimes.”