TRON (TRX) is probably one of the least populair Top 20 cryptocurrencies around, mainly due to their shifty PR. But the announcement-of-an-announcement machine has started to pick up steam again. Latest price propelling event: the listing on major crypto exchange Bittrex. But right after the partay started, TRON became the topic of another debate. Centered around an alleged sell off of millions of TRX tokens. Nothing new to TRON, which founder Justin Sun has been accused of dumping 6 billion of his tokens before. An allegation he has always denied in the strongest terms.
The Exodus is near..
Since TRON’s announcement that it would announce the launch of their own stand alone Main Net, things started to look up again for the ERC-20 token. A coin that has been plagued by an endless stream of distrust from the crypto community. And for a reason.
Besides breaking away from the Ethereum blockchain — the so called Exodus program — there was more significant news about the Chinese token. A coin that promises (or announces) to turn the entertainment industry upside down. Someday, somehow, as it doesn’t have a working product yet. Which divides the community in those who see a bright mooning future and those who brush TRON off as just another pump ‘n dump vehicle.
Because for TRON it’s like Celine Dion’s latest album: you love it, or you hate it.
The First Twitter Law of Justin Sun
So credit where credit is due: no vague promises from The Oracle Who Speaks In Riddles this time. The listing on major exchange Bittrex materialised and gave the coin a big push up into the green zone. A 14% surge in 24 hours.
#TRON is №1 in bittrex and №2 in upbit. #TRX $TRX pic.twitter.com/V2EzhPXhyc— Justin Sun (@justinsuntron) March 3, 2018
It didn’t take long before coin whisperer and TRON-founder Justin Sun took to his beloved medium Twitter, and cheered (with jazz hands) that TRON currently holds the number one position on Bittrex by volume. A position it still maintains at the time of writing.
And then the First Twitter Law of Justin Sun came into play. Like almost any of his tweets it triggered an avalanche of negative responses. And there’s one we would like to point out here (which actually seems to come from Facebook, which kinda breaks the First Twitter Law, but never mind).
The mysterious Market Maker
Despite the huge gain in volume, prices showed a strong resistance around the 5 cents level, allegedly caused by 600 million tokens that flew into the market. An amount that ran up to over a billion today.
According to some alert users, it was the mysterious Market Maker who struck again. A doctor Claw-ish kind of entity, we still remember from the previous scandal in which Jason Sun denied all involvement. According to Sun it was the Market Maker who dumped massive amounts of TRX into the market. An unidentified private investor, who wasn’t shy to sell gigantic amounts of coins. A scandal was born with many to believe that it was actually Sun himself, cashing in on the soaring TRX price.
And now, right after some good news bumped up prices, the same situation occurred. Large amounts of TRX tokens entered the market, putting downward pressure on its price level. Transactions can be followed here on Etherscan. Over the last 24 hours prices plummeted by 8% to 4,79 cents (to put things into perspective: compared to last week they are still 17.52% up).
It’s history repeating, with the same conflicting stances. Is it the Market Maker who is “sanctioned by JS” and tries to stabilise prices? Or is it a smart investor (maybe even Justin Sun himself) who is selling off in order to cash in?
As we are a fair and balance medium, we will leave it at a “which hypothesis is the correct one remains to be seen” for now.
So far Justin Sun hasn’t commented on Market Maker’s alleged involvement. Neither has he made an announcement (of an announcement) he ever will.
Our publications do not offer investment advice and nothing in them should be construed as investment advice.
Originally published at www.cryptonewsbulls.com on March 3, 2018.
