Why is it Important to Pay a Closer Attention to Justin Sun’s Tron Announcements?
Justin Sun is perhaps one of the most visible and known virtual currency figures in the space. He is the founder of the TRON Foundation and has been working during the last years on the TRON (TRX) project as a whole.
However, there are some issues around the project that have captured the attention of several investors. For example, there have been accusations of TRON plagiarizing its white paper and also some issues related to its code. Other projects believe that TRON has copied some parts of their creations.
At the very beginning, TRON promoted its network as a entertainment platform on the blockchain. Nevertheless, the foundation moved towards a new focus related to the decentralized aspects of the web.
Sun has always been the main figure behind TRON and the different activiteis that the TRON network has been working on. In general, he has usually been overpromoting and hyping several announcements. Indeed, he has also been making pre-announcements that did not end being real or were not what everyone was expecting.
This is just one of these examples:
— Justin Sun (@justinsuntron) February 26, 2018
According to The Block, there are 16 pre-announcements made by Tron. The information provided by Sun in these announcements is very limited but it clearly has an impact among investors.
Some of the tweets made by Sun tend to modify the sentiment in the market and the price of this popular virtual currency. Indeed, Tronix (TRX) went up as much as 129% in one of the several pre-announcements made by Sun.
The Block wrote on the matter:
“Based on the data we collected, Sun’s pre-announcement on average pushes the price of TRX up by roughly 23% and the median price move of TRX is up roughly 6%.”
This clearly shows that there is an important positive impact on the market every single time that Sun makes an announcement on Twitter.
During the last months, it is possible to see that Sun has changed his attitude. Now he seems more cautious and tends to make more measured announcements. According to sources familiar with the matter that have been cited by The Block, Sun has hired more executives to bring more maturity to the Foundation.
At the time of writing, TRX is the 10th largest virtual currency with a market capitalization of $1.14 billion. Each TRX can be purchased for $0.017.