Tron CEO Justin Sun ‘Laughs’ at Poor Performance of Ethereum on Weibo as TRX Surges 15%
Tron is at the center of the cryptocurrency space again as its associated token TRX sees an over 15 percent increase in value on Thursday, although top cryptos remain mostly in red.
TRX is traded at around $0.03 at press time, up 15% in the past 24 hours, according to coinmarektcap. The strong buying sentiment drives the digital token o to post a whopping 50% gain in a week’s time, and prompts it to become the 8th most valuable cryptocurrency by market cap.
Justin Sun, the Founder and CEO of Tron Foundation and the No. 1 cheerleader of the project, displayed his pride in the strong performance of TRX, by saying on Chinese microblogging website Weibo today “It’s true that Tron is on the rise, and Ethereum is going downhill.” Sun also shared a picture to intentionally make fun of Tron’s big rival Ethereum as he usually does.
But a Chinese crypto investor said on weibo that TRX is an air coin which is completely centralized after the crypto experienced an impressive surge on Jan.8.
And many in China’s crypto community label TRX as a pyramid scam as the project has no technical merits and the team controls the overwhelming amount of tokens to manipulate the market .
Why TRX has skyrocketed?
First, Okex, a leading cryptocurrency exchange, launches “spot margin trading for the pairs TRX/USDT and TRX/BTC (3x Leverage)at 5am, Jan 10, 2019 (CET, UTC+1)”, according to the exchange’s statement. The exchange also adds TRX to its newly-launched OK PiggyBank, which allows users to earn interest on their crypto holdings by lending them to margin traders. These facilities will undoubtedly boost TRX transaction on the exchange.
Second, Tron has recently hired David Labhart, a former United States Securities and Exchange Commission (SEC) supervisory attorney, as its first chief compliance officer. The appointment is expected to help the project work closely with global financial authorities, specifically from a crypto and blockchain context, and nudge TRX toward a a fully-compliant and widely-adopted crypto asset.
In addition, cryptocurrency exchange Binance announce on January 4th that its exclusive token launch platform Binance Launchpad will soon launch Tron-backed Bittorren’s BTT token, and current TRX holders will be rewarded with BTT tokens. The free airdrop fuels the buying spree of TRX to some extend.
Will the current bullish trend continue?
Despite multiple controversies and a flurry of criticism around Tron, the blockchain project which is designed to offer an alternative platform for decentralized applications (DApps) to Ethereum has made some developmental milestones after 6 months of its mainnet being live.
Tron blockchain now facilitates 87 DApps, becoming the third-most popular platform for DApps after Ethereum and EOS, according to data from DappRaddar. The blockchain has over 1 million user accounts and over 100 million contracts. The development team of Tron has grown from 2 engineers to over 40, and the company has more than 300 employees in total despite the prolonged crypto bear market.
If the team keeps developing and expanding on the right path, TRX will possibly remain a bullish trend. But Tron’s marketing bombast without a valuable product to support, and its founder’s publicly chiding the main rival like Ethereum possible invite more criticism from the crypto community in the near future.