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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.