The Tron Foundation’s native cryptocurrency, TRX, has been bouncing up and down CoinMarketCap’s cryptocurrency charts. The coin was once the 10th largest cryptocurrency in the market, maintaining its position for quite some time. During the last few weeks however, the coin has been plummeting down in terms of market cap and was found at the 13th position yesterday. However, TRX had jumped back into the 12th position, at press time.
Come what may, Tron Foundation’s Justin Sun is always updating the community about the network’s several advancements and achievements. In a recent update, CEO Justin Sun shared another one of Tron’s many accomplishments with his 1.5 million Twitter followers. CEO Justin Sun announced that Tron Network’s smart contract triggers had reached 500 million. Sun’s tweet read,
This tweet was followed by a series of other tweets by the Tron Foundation, with the Twitter handle citing several other achievements of the network as well.
The latest tweets announced that the circulation of Tron-based USDT had surpassed 110 million as Tether worth $112,402,010 was presently in circulation on the Tron network.
The Tron Foundation wasn’t done with blowing its own trumpet however. The next few tweets claimed that Tron’s success is not limited to the DApp space alone, as the transaction volume on the Tron network has surged significantly since the date of its launch.
Despite several achievements in the name of the Tron Foundation, the price of Tron’s cryptocurrency was falling by 0.35% in the last 24 hours. At press time, Tron was valued at $0.0205 with a market cap of $1.37 billion. The 24-hour trading volume stood at $434 million and most of it came from Cat.Ex exchange via the trading pair ETC/TRX.
Tron News Today – Headlines for December 6
- Digibyte Delisting: Tron’s Relationship with Poloniex Pays the Price
- Circle warns users to withdraw their assets on Poloniex as it will be spinning off the platform.
- Digibyte Delisting has led to Tron and Poloniex facing scrutiny.
Circle announced that it would spin off Poloniex. Following this decision, the platform has warned its users to withdraw their assets. The other option per the report is that users can send their assets to state governments.
Following this development, Jared Tate, the founder of Digibyte (DGB) crypto network, expressed disappointment that sensitive data belonging to his friends and family “is now with Poloniex.” After Tate tweeted this, Poloniex’s Twitter account replied. Poloniex denied the ownership of any U.S based customer data, before revealing that it will “delist DGB shortly.”
The Digibyte (DGB) founder and Poloniex’s Twitter account went into a war of tweets that involved most of the crypto Twitter community. The tweet war attacked the Tron network. Tate even described Poloniex as a “Tron shill factory after making away with U.S. users’ sensitive data.”
Poloniex, the Tron backed digital currency trading platform has been scrutinized recently after Circle sold the firm in October. Following the spinoff, top guns in the digital currency space like Frank Chaparro and Celia Wan declared that Justin Sun, the founder of Tron is behind Poloniex’s spin-off. While others in the crypto space argue that Sun has a hand in the purchase of the digital currency exchange.
Sun Denied being behind the Purchase of Poloniex
When the report came to light, the founder of the Tron network denied being behind the purchase of the exchange. However, back on November 12, Sun admitted that he was part of several investors behind the acquisition of Poloniex. Sun admitted this during a broadcast that was live-streamed and published on Twitter.
Since Poloniex left Circle, all U.S. customers on the exchange have been banned from making use of the platform for trading or any other financial related activity. The consumers have also been asked to withdraw their coins on the exchange by a specific date. Circle sent an email to its U.S. customers this week. The emails say Circle may charge dormant fees to users who fail to withdraw their digital assets.
After the Poloniex Twitter account announced that the exchange would delist Digibyte (DGB), the discussion turned into a hot topic on Twitter and crypto forums. The email sent by Circle and the Digibyte delisting announcement comes after Poloniex acquired TRXmarket.
Tron’s Justin Sun claims crypto fiat on-ramps would bolster adoption
Despite the fact that the rate of crypto-asset adoption has significantly improved over the past few years in terms of trading and market investment, crypto-assets haven’t reached high standards in terms of commercial usage.
In a recent interview with Bill Barhydt, Justin Sun, CEO of Tron Foundation, discussed the key factors which would eventually make digital assets useful on a day-to-day basis.
Sun stated that one of the most important measures to be taken by the space at the moment is to implement a higher fiat on-ramp introduction. Fiat on-ramp indicates the conversion of fiat capital in terms of digital currencies, followed by its distribution among users after attaining clearance from FinCen’s Money Transmission Laws.
The CEO of the Tron Foundation said that he believes that major organizations around the world are doing their part to bolster fiat on-ramp procedures. He said,
“Circle are doing USDC, Tether, they’re doing USDT, and Poloniex, Binance, like, all these kinds of companies are trying really hard to help on fiat on-ramp.”
Improving fiat on-ramp is necessary because it would enable a higher number of users to acquire digital assets and get into the crypto-ecosystem.
Sun also stressed that the introduction of better infrastructure is instrumental. In order to achieve that, Sun said that notable collaborations with major technological organizations is compulsory, with the initial step being the championing of blockchain. Sun stated,
“If Samsung, Apple, Huawei, and Xiaomi, and Oppo, Vivo, OnePlus, like all the phone manufacturers embrace the blockchain, it will definitely bring more people into our industry too.”
Additionally, Sun also remained highly optimistic regarding the involvement of crypto in banking.
In the past, several instances had indicated that the banking sector and digital assets weren’t seeing eye-to-eye. However, according to Justin Sun, the interest shown by the likes of Fidelity and other major financial institutions conveyed the sentiment that such entities are preparing to enter the trading/exchange business or into the custodian domain.
TRON price analysis: TRX/USD moves away from intraday low; upside limited
- TRON’s TRX recovered from the recent low, despite bearish market sentiments.
- A strong resistance area is created by $0.0150.
TRON, 11th largest digital asset with the current market capitalization of $958 million, has lost nearly 6% of its value in the recent 24 hours to trade at $0.0143 by press time. Having recovered from the intraday low of $0.0141, the coin faced a local resistance created by the lower line of 4-hour Bollinger Band on approach to $0.0144.
Looking technically, we will need to see a sustainable move above this handle to mitigate the initial bearish pressure and allow for an extended recovery towards $0.0150. this resistance is reinforced by the middle line of 1-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.0152 (a confluence of SMA50 (Simple Moving Average) and SMA200 1-hour). Notably, TRX/USD has been trading below SMA50 1-hour since December 1.
On the downside, the initial support is located at the intraday low of $0.0141. It is followed by a psychological $0.0140 reinforced by the lower line of 1-hour Bollinger Band. The next support awaits us at $0.0131 ( the lower line of 1-day Bollinger Band and the recent low). That’s where fresh buying interest is likely to appear.
TRX/USD, the 4-hour chart
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