Tron CEO Steps Down to Pursue Crypto-Related Diplomatic Ambitions

Updated:

Founder and CEO of Tron (TRX) Justin Sun have announced that he is bowing out as CEO effective today. The crypto billionaire told CoinDesk that his focus now shifted to pushing for the legitimization of blockchain technology in Latin America.

To implement this goal, Sun recently took up the role of ambassador of the Grenada government to the World Trade Organization (WTO).

While he will no longer play an active role in the everyday activities of Tron, the founder asserted that he would contribute everything he could towards the advancement of the network.

Justin Sun has been at the helm of affairs for the TRX blockchain since its creation in 2018. The network has since become a key competitor to Ethereum, which TRX was created upon.

Tron provides a cost-effective alternative to Ethereum and provides low transaction fees on stablecoins, like Tether (USDT), and supports DeFi tokens, like Wrapped BTC (WBTC) and Wrapped Ether (WETH).

After announcing his transition away from heading the network, Sun noted that TRX holders would take over the running of the network, considering that it has attained total decentralization.

In the meantime, no successor to Sun has been announced yet. That said, it is uncertain that this would become the order of the day for the network.

Key Tron Levels to Watch — December 17

TRX maintained a bearish trajectory on Friday, as the price nears its last week’s low of $0.0790. The bearish sentiment comes amid a persistent marketwide sell-off that has plagued the industry for several weeks.

TRXUSD – 4-Hour Chart on Binance. Source: TradingView

Bearish trading volume on TRX remains on the high side, indicating that we could see a bearish break below my descending tripwire. While significantly unlikely, a defense of the $0.0800 line by bulls over the coming hours could stall the bearish momentum allowing bulls enough time to reassemble and push for the $0.0900 mark.

Meanwhile, my resistance levels are $0.0850, $0.0900, and $0.0950, and my support levels are $0.0780, $0.0760, and $0.0740.

Total Market Capitalization: $2.15 trillion

Tron Market Capitalization: $8.21 billion

Tron Dominance: 0.38%

Market Rank: #24

 

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Tron (TRX) Gains Staking Support from Moonstake Amid Bullish Reemergence

Updated:

One of the top staking service providers, Moonstake, has announced that users can now stake their Tron (TRX) tokens and earn rewards. The staking company announced on Wednesday via a press release, adding that staking is available on the web and mobile versions of the Moonstake wallet. With this, users can now hold, send, receive, and stake TRX through the platform.

According to the official release, TRX has become the thirteenth cryptocurrency Moonstake users can stake. In no particular order, the other twelve include Cosmos (ATOM), IRISnet (IRIS), Ontology (ONT), Cardano (ADA), Qtum (QTUM), Polkadot (DOT), Quras (XQC), Centrality (CENNZ), Orbs (ORBS), and IOST (IOST). While staking is only available for 13 coins, the platform supports over 2,000 digital assets.

Reports show that the TRX staking compatibility comes after Moonstake partnered with the TRON Foundation in June this year. That said, this partnership could yield more joint projects. With both companies having a solid footing in the DeFi sector, Moonstake asserted that the collaboration would yield more innovations.

Meanwhile, TRX reacted positively to the news, with the twenty-fifth-largest cryptocurrency posting a +7% increase.

Key Tron Levels to Watch — October 8

TRX/USD regained a decent upward bias on Friday following a prolonged consolidation around the $0.09500 support. This bullish emergence comes on the back of increased trading volume on the TRX.

TRXUSD – 4-Hour Chart

That said, the cryptocurrency has not reacted to this volume surge yet, indicating that a bullish continuation is imminent in the coming hours. Trading conditions are at neutral levels on our MACD, indicating there is room for more upward spikes.

However, traders could adopt a risk-off stance amid the upcoming US NFP reports scheduled for later today.

Meanwhile, our resistance levels are $0.1000, $0.1100, and $0.1150, and our support levels are $0.0950, $0.0900, and $0.0850.

Total Market Capitalization: $2.33 trillion

Tron Market Capitalization: $7.05 billion

Tron Dominance: 0.30%

Market Rank: #29

 

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Tron Suffers Bearish Decline Amid VanEck ETN Listing

Updated:

VanEck remains aggressive with pushing its crypto-related exchange-traded products as it advances its Tron ETN further on Euronext in Paris and Amsterdam. VanEck also has ETNs in Europe tracking the performance of Solana and Polkadot on Germany’s Xetra Deutsche Boerse.

The multinational investment manager’s portfolio tracking the performance of various digital assets continues to grow.

Commenting on the development, Tron CEO Justin Sun confirmed that VanEck TRX ETN, with ticker symbol VTRX, will get listed on the Euronext stock exchange in Paris and Amsterdam. Son added that: “TRX ETN continues to be favored and supported by the global mainstream market.”

The billionaire CEO asserts that this is a “crucial” step in line with Tron’s compliance and globalization strategy and that this could allow investors to purchase TRX “without borders and low thresholds.” VTRX will go live today at 9:00 CEST.

While VanEck has recorded significant success launching exchange-traded products abroad, its attempts to release similar products in the US have suffered opposition from regulatory authorities.

The firm has filed several applications with the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (BTC ETF).

Key Tron Levels to Watch — September 24

With most of the crypto industry, TRX has witnessed a heavy bearish pressure over the past nine days as bulls continue to suffer liquidation. After a relatively healthy rebound from the $0.0850 area to the $0.1000 psychological resistance on Wednesday, TRX faced intense rejection from the bearish tripwire around the psychological line. This rejection sent the twenty-fifth-largest cryptocurrency into a consolidation pattern between $0.1000 and $0.0950.

TRXUSD – 4-Hour Chart

However, this morning, TRX suffered a sharp drop to the $0.0900 support, following an industry-wide crash triggered by Bitcoin (BTC). That said, we expect a bearish continuation to the lower $0.0800 area, followed by a healthy rebound to the $0.0950 level again.

Meanwhile, our resistance levels are $0.0950, $0.1000, and $0.1050, and our support levels are $0.0900, $0.0850, and $0.0800.

Total Market Capitalization: $1.9 trillion

Tron Market Capitalization: $6.2 billion

Tron Dominance: 0.31%

Market Rank: #26

 

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TRON Announces New GameFi Fund Amid Healthy Price Rebound

Updated:

The TRON Foundation has announced that it is launching a GameFi fund, the TRON Arcade fund. The company noted that it would sink about $300 million into GameFi and NFT-focused protocols developed on the TRON platform between now and 2024.

For those who do not know, GameFi is the umbrella term covering the gamification of Finance and the emergence of blockchain-native play-to-earn games. It also describes NFTs, one of the latest crypto raves used for tokenizing music, digital art, and other forms of content.

TRON created the GameFi-focused fund with APENFT and WINKLink and is undoubtedly one of the largest of its kind. Speaking on the development, TRON founder and CEO Justin Sun noted that:

“GameFi is going to be the next big thing that makes the DeFi, NFT, and larger crypto space easy to understand and be involved in […] TRON is excited to be partnering with APENFT and WINKLink to build a robust GameFi ecosystem that is accessible to all.”

The Foundation’s foray into the GameFi sector comes when the blockchain-based video games sector is in a boom. Axie Infinity, an Ethereum-based video game, is the reigning leader of the sector. The platform recently hit a whopping 1 million active Daily players, has secured $1.1 Billion on NFT sales, and peaked at an all-time high market valuation of more than $3.1 billion.

Key Tron Levels to Watch — August 13

This week appears to be ending positively for TRON (TRX) and the crypto industry. Following this week’s rally, TRX peaked at slightly above the $0.0900 level, before suffering a sharp correction to the $0.0800 support yesterday.

TRXUSD – 4-Hour Chart

That said, the twenty-fifth-largest cryptocurrency managed to hold the $0.0800 support and used that level to its advantage as a ramp to climb higher. Currently, TRX approaches the $0.0900 resistance and could snap this level, bringing it closer to the critical $0.1000 mark. We expect a bullish continuation over the coming hours.

Meanwhile, our resistance levels are $0.0850, $0.0820, and $0.0800, and our support levels are $0.0900, $0.0950, and $0.1000.

Total Market Capitalization: $1.94 trillion

Tron Market Capitalization: $6.3 billion

Tron Dominance: 0.32%

Market Rank: #25

 

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Tron Network Sees Record-Breaking Daily Transaction Count

Updated:

Tron Foundation, the host organization behind the Tron (TRX) blockchain, has recorded an unparalleled spike in user interest. According to an official report via Twitter, the organization revealed that the net daily transaction count on the Tron network touched a new all-time high on Wednesday.

The transaction counting tool monitors all sent and received transactions in all active TRX accounts. The Tron network recorded a total of 9,298,611 transactions on July 28. The network recorded its previous high of 9,278,050 transactions on July 6. The tweet from the official TRX handle noted that:

“The number of daily transactions on #TRON reached 9,298,611 on July 28, setting a new record high!!!

#TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.”

Reports show that this hawkish development got triggered by two factors. Firstly, the recent spike in interest in GameFi protocols played a crucial role in TRX’s network activity jump.

GameFi protocols, in a way, merge the benefits of decentralized gaming, DeFi protocols, and NFTs. Tron emerged as the most preferred platform for decentralized games, gambling profits, and high-risk schemes.

The second catalyst is the recent bullish recovery across the crypto market. Net market valuation has recorded double-digit gains for the past few days.

Key Tron Levels to Watch — July 30

TRX is on an overt bullish momentum as the crypto market regains bullish traction. That said, the twenty-fifth-largest cryptocurrency suffered a sharp drop from the $0.0640 resistance on Monday to the $0.0566 support.

TRXUSD – 4-Hour Chart

TRX is now on a rebound to retest the $0.0640 resistance as buyers pile on. Failure to clear the $0.0640 level over the coming hours or days could send the cryptocurrency below the $0.0600 support, followed by another rebound.

Meanwhile, our resistance levels are $0.0640, $0.0650, and $0.0700, and our support levels are $0.0600, $0.0566, and $0.0500.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $4.32 billion

Tron Dominance: 0.28%

Market Rank: #26

 

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Tron Market Analysis: Elon Musk Triggers Another Market Crash

Updated:

Tron (TRX), alongside the rest of the crypto market, suffered a massive crash on Friday following a rejection from the $0.0830 resistance level. The renewed bearish pressure caused the crypto market to fall by over $100 billion within a few hours.

Since the start of the workweek, Tron performed relatively well, as bulls regained confidence. TRX printed a new seven-day high around $0.0830 earlier today.

The recent market crash got triggered by a tweet from Elon Musk, which alluded to the CEO parting ways with Bitcoin. The Bitcoin market reacted violently to the tweet, given Musk’s influence on BTC, dragging the entire market along. Bitcoin bottomed out below the $36k mark before posting a modest rebound higher.

Ethereum and Binance Coin did not fare any better, with the former falling by over 12% from yesterday’s high and the latter by 15%. Other large-cap cryptocurrencies also recorded massive declines, with Cardano, Dogecoin, Ripple, and Polkadot falling by -12.8%, -14%, -12.6%, and -13%.

Small-and-medium-cap coins also suffered double-digit losses following the Musk-induced crash.

Key Tron Levels to Watch — June 4

Following the massive decline, Tron appears to have regained stability as bulls resume trading activities. The cryptocurrency found decent support from the 200 SMA line amid the sell-off, indicating that this technical level should forestall future declines.

TRXUSD – Hourly Chart

That said, TRX bulls need to take the cryptocurrency back above the $0.0800 psychological resistance to reinstate a solid bullish momentum. However, failure to clear the immediate resistance at $0.0780 over the coming hours could send the twenty-fifth-largest cryptocurrency into consolidation.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.67 trillion

Tron Market Capitalization: $5.55 billion

Tron Dominance: 0.33%

Market Rank: #25

 

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Tron Partners with BSCPad to Provide Launchpad for Crypto Projects

Updated:

Tron (TRX) recently announced a partnership with BSCPad to build the first native IDO launchpad on the Tron blockchain.

TRONPAD, the union of both companies, will give traders equal exposure to new and lucrative project launchings within the Tron ecosystem. At the same time, these new projects will secure funding from the token sales and gather momentum towards a successful launch on the network.

BSCPad, which has proven its efficiency with projects like this (an example is launching the IDO project), noted that it would lend its full support and expertise to the Tron network. BSCPad, launched in March 2021, focused its efforts on prepping new projects for launch on the Binance Smart Chain. The BSC has recorded more than 21 million unique wallets opening around the same time BSCPad came online.

Justin Sun, the founder of Tron and CEO of BitTorrent, commented on the new partnership, saying:

“The BSCPad team is very strong and knowledgeable. They consist of some of the top players in the space. We are looking forward to taking this collaboration to new heights.”

Sun added that:

“As the hyper adoption of crypto continues to explode, TRONPAD will serve as a fair IDO platform for projects launching on the TRON blockchain.”

Key Tron Levels to Watch — May 28

As the cryptocurrency market continues on a choppy momentum, TRX has fallen into a sideways momentum around the $0.0800 level.

TRXUSD – Hourly Chart

However, the twenty-fourth-largest cryptocurrency has slipped below the consolidation range over the past few hours as bears ramp up their efforts. That said, bulls need to hold ground above the $0.0700 support and facilitate a climb above the 200 SMA over the coming hours, to thwart this effort by bears.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $5.1 billion

Tron Dominance: 0.33%

Market Rank: #24

 

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Tron Market Analysis — May 21

Updated:

The past few days have been nothing short of erratic for Tron (TRX) and the rest of the cryptocurrency market. This week’s market crash got triggered by the Chinese government’s anti-crypto stance reiteration coupled with the bearish undertone from last week’s Tesla announcement.

The bearish market condition worsened on Wednesday following overleveraged trading positions.

That said, the crypto market selloff appears to remain unabated. At press time, the total cryptocurrency market valuation is down by 7.46%, while TRX trades at -10% on the day. Over seven days, the twenty-third-largest cryptocurrency is down by -39%.

Meanwhile, Bitcoin also traded without any bullish luck, as the benchmark cryptocurrency resumed a descent to the $36k mark today and bottomed at $30k on Wednesday’s crash.

Other large-cap cryptos suffered significant losses as well, with Ethereum and Binance Coin slumping to multi-week lows on Wednesday at $1,850 and $230, respectively.

At press time, Ethereum, Binance Coin, Cardano, Ripple, Dogecoin, Polkadot, and Internet Computer all have double-digit declines with -10%, -14%, -13%, -12%, -11%, -18%, and -13%, respectively.

That said, mid-and-low-cap cryptocurrencies are not faring any better either.

Conclusively, the cumulative market cap of the cryptocurrency market stands at $1.61 trillion, after bottoming at $1.45 trillion on Wednesday.

Key Tron Levels to Watch — May 21

After consolidating below the $0.0900 resistance for most of today, Tron has fallen below the $0.0800 line as bears remain relentless. The cryptocurrency is currently trading along a descending channel towards the $0.0700 low.

TRXUSD – Hourly Chart

Given that the path of least resistance is downward, we should expect additional declines in the price of TRX over the coming hours.

That said, a fall to the $0.0700 support would help Tron rebound sharply to the $0.1000 level.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $5.4 billion

Tron Dominance: 0.35%

Market Rank: #21

 

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USDT Issued on Tron Crosses 30 Billion

Updated:

Justin Sun, the founder of Tron, has announced that the total number of the largest stablecoin in the market Tether issued as TRC20 tokens on the Tron (TRX) Blockchain has reached a volume of 30.9 billion USDT. This is reportedly the highest number of stablecoin issued on any blockchain in history.

Sun announced the latest development via Twitter yesterday, where he congratulated the Tron team for clearing this milestone.

According to data from Tether’s website, there are about 60 billion USDT in circulation, with Tron as the dominant hosting blockchain. Ethereum takes the second spot with approximately 27 billion USDT issued as ERC20 tokens. Omni, a Bitcoin-based protocol, comes in third place with roughly a billion USDT on its blockchain. In fourth place is the Solana blockchain, which has 200 million USDT on it.

Reports show that the issuance of Tether has increased dramatically since the start of the bull market. Glassnode revealed that USDT went from 10 billion in August 2020 to roughly 60 billion as of today.

Tether became operational on Tron in April 2019 but failed to gain a substantial adoption until 2021, when it took a massive chunk of market valuation from Ethereum. Crypto users got attracted to the Tron version of Tether following discoveries that transactions were almost free and instant.

Key Tron Levels to Watch — May 14

TRX has traded under downward pressure over the seven days, following a sharp rally to the $0.1700 level. The twenty-first-largest cryptocurrency is currently trading along a descending channel towards the $0.1100 level. At press time, Tron is battling with the top of the channel ($0.1280) to regain bullish momentum following the recent market crash.

TRXUSD – Hourly Chart

A break above the $0.13000 resistance could help the cryptocurrency regain a bullish bias. However, failure to clear the bearish channel over the coming hours could send TRX to the $0.12000 support and lower.

Meanwhile, our resistance levels are $0.1300, $0.1400, and $0.14950, and our support levels are $0.12000, $0.1100, and $0.1000.

Total Market Capitalization: $2.31 trillion

TRON Market Capitalization: $9 billion

TRON Dominance: 0.38%

Market Rank: #21

 

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Tron Blockchain Launches CryptoPunk Lookalike, Tpunks

Updated:

Just as Ethereum had CryptoPunks as its first digital collectible NFTs, Tron (TRX) blockchain has announced Tpunks. For just 1000 TRX, users can now mint one of the first MFTs on Tron.

The release of Tpunks came with the usual fanfare. Just as with the release of Binance Punks on the Binance Smart Chain, Tpunks is using assets from the original CryptoPunks collection. While some claim that the release of Tpunks is riddled with plagiarism, others argue that this project adds value and legitimacy to the original punks on the Ethereum blockchain.

Tpunks are developed as TRC-721 tokens, the newly implemented token standard for NFTs on the Tron blockchain. Reports show that Tron has released 10,000 Tpunk tokens, just like the original CryptoPunks. The new tokens comprise nine aliens, twenty-four apes, eighty-eight zombies, eleven Justins, and other characters.

In December last year, Tron announced its first non-fungible tokens standard, TRC-721, noting that all tokens will be unique. Creating a standard interface allows applications to monitor and transfer NFTs on the Tron network.

NFTs, on any blockchain, typically contain owner ID, rich metadata, safe file links, and other identification information. All this information is recorded in the tokens smart contract, making each NFT unique.

Key TRX Levels to Watch — May 7
Following its prolonged consolidation between $0.1350 and $0.1175, the TRX has broken into a bullish surge towards its recent all-time high at $0.1808. The seventh-largest cryptocurrency is trading along an ascending channel but is currently battling to stay above the $0.16 psychological support.

TRXUSD – Hourly Chart

That said, we expect to see a bounce off the $0.16 support to the $0.17 level over the coming hours. That said, a dip from the current price should get additional support from the $0.1560 support.

Meanwhile, our resistance levels are $0.1650, $0.1700, and $0.1750, and our support levels are $0.1550, $0.1500, and $0.1450.

Total Market Capitalization: $2.37 trillion

TRON Market Capitalization: $11.7 billion

TRON Dominance: 0.49%

Market Rank: #17

 

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