Tron (TRX) Defies Market Trend & Gravity to Climb the Ranks Thanks to DeFi Hype
You can hate him, you can love him, but you can’t ignore him because this marketer gets it done.
That’s right, Justin Sun, known for making announcements of announcements of announcements and who once called his own token “shitcoin,” does everything to keep his crypto afloat.
On Thursday, there has been a bloodbath in the majority of the markets with crypto markets experiencing a deep correction.
Following Bitcoin, which went down to almost $10,000 level, altcoins shed 20% to 30% of their values.
But one coin that was decoupled from the king and the general trend in the markets was Tron.
The token started surging right from the beginning of this week but gained momentum yesterday when it spiked 60%.
Although TRX did crash, 32%, as well, along with the rest of the market, it started the day strong and in the green. Still, the digital asset is currently in the green, though barely, while trading around $0.0390.
“TRX defying gravity while everything else including traditional markets are crashing,” applauded trader CryptoSqueeze.
— The Crypto Dog📈 (@TheCryptoDog) September 3, 2020
These gains had TRX going to the level last seen in mid-June 2018, and making its way back into the top 10 cryptocurrencies. However, this digital asset that has a market cap of $2.67 billion is still 86% down from its all-time high of $0.30 made in July 2018.
Tron-based decentralized lending platform JUST, Sun’s foray into the DeFi world, was also on the up and up at $0.068 yesterday before finally feeling the heat and falling 22% today.
JUST then ventured into DEX as well as its liquidity pool, JustSwap, which surpassed 80 million worth of USDT within 10 minutes of its launch. This AMM reached $600 million in trading volume today, in just 17 days of its launch and also records transactions “two times higher than Uniswap,” shared Justin.
— Justin Sun🌞 (@justinsuntron) September 4, 2020
Justin is wasting no opportunity, and with that earlier this week, he also announced the launch of SUN Genesis Mining. This new venture comes with features like venture capital investments, private equity investments, no pre-mining or reserves for the team, and wholly operated by the community through its open-source smart contracts. He tweeted,
“We hope to use SUN to promote the development and possibilities of TRON's DeFi self-governance community. I hope the entire crypto community may judge its success, not by its price, but instead by the indomitable spirit that underpins the SUN: its community!”