Following the market crash on Wednesday, the founder of the TRON network, Justin Sun, announced he bought a sizable amount of Bitcoin (BTC) and Ethereum (ETH) in the dip. The total purchases he disclosed were worth over $285 million USD, and he plans to HODL them.
TRON CEO Stockpiles Bitcoin and Ethereum
Justin shared on Twitter that he purchased a total of 4145 BTC during the market dip on Wednesday. He bought the coins at an average price of $36,868 USD per BTC, spending a total of $152.8 million USD on Bitcoin. He also spent as much as $135.8 million USD for 54,153 ETH, at an average price of $2,509 USD.
I have bought 4145 #Bitcoin with $152,818,183 at average price $36,868.
The cryptocurrency market got extremely volatile yesterday, with lots of buying and panic selling to the extent that major exchanges suffered system downtime and technical issues at some point. Although many cryptocurrencies significantly dropped in value leading to massive liquidations and more panic selling, some people like the founder of TRON seized the opportunity to buy major coins in the dip.
Tron Users Unhappy
Meanwhile, some people in the TRON community didn’t welcome the idea that Justin bought Bitcoin. They said he should have invested in the Tron (TRX) instead.
If I don’t see any price improvement on trx in the next couple of months Justin selling all my tron coins and buying BTC..It’s really annoying that you didn’t use that money to help trx coin during the dump but you decided to use it for BTC. If you can’t save yours why should we!
The cryptocurrency market is gradually regaining its shape, as some coins are recouping from the loss on Wednesday.
Bitcoin was trading at over $40,000 USD, with a market capitalization of over $730 billion USD, during the time of writing. The entire crypto market is worth over $1.7 trillion USD.
Looks like Justin Sun, CEO of Rainberry and founder of Crypto-platform TRON, has been caught shilling TRX again, now trying to get Marques Brownlee —a popular YouTuber and influencer— into promoting the cryptocurrency on Twitter.
In a recent upload, Marques Brownlee shared his thoughts about Dogecoin, but midway through the video, Brownlee revealed that TRON—or someone representing it— contacted him via email, asking to promote TRX via Twitter, without looking like a promoted tweet.
Funny enough, Marques was referring to these types of emails as “the opposite end of the Dogecoin strategy”. The Youtuber also referred to these strategists as “insincere” and “tryhard”.
The email specified he should not make it look like it is promoted —although, Harry.eth, from MyCrypto, published how you can easily contact celebrities like Lindsey Lohan or Ne-Yo on Cameo:
A few days ago, Sun tried to promote TRX using celebrities after losing millions of dollars in the GameStop saga, a strange fight between Wall Street and Reddit. Sun was unconditionally supporting the people from r/WallstreeBets, later investing $10M —now worth less than $2M.
Sun tried to defend himself in a Twitter thread, stating that the TRON Foundation is not involved with such activities, but most users liked to differ.
Yes, I’m sure Lindsey Lohan has become incredibly passionate about decentralized permisionless blockchain
For the first time in 2021, the company behind the largest US-dollar backed stablecoin, Tether Inc., has swapped a significant amount of USDT supply from Tron blockchain (as TRC-20 token) to Ethereum (as ERC-20 token). This move from Tether is no longer a new thing in the cryptocurrency space, as they did a similar swap last year. The development usually happens when there’s a huge demand for the stablecoin on Ethereum.
Tether moves Tron USDT to Ethereum
Following the announcement on Twitter by Paolo Ardoino, the chief technology officer at Tether Inc., two billion USDT (~US$2 billion) was converted from the Tron blockchain to Ethereum. The swap was completed in five different transactions as Ardoino noted, which was also confirmed by Whale Alert, a dedicated crypto transaction tracker. Noteworthily, the process of swapping to Ethereum ensures that the total circulating supply of USDT doesn’t increase or reduce.
Today, in about 4h, an exchange will convert 2B #tether TRC20 to ERC20. You'll see multiple ERC20 authorisations, followed by TRC20 <=> ERC20 swaps and a final TRC20 burn. As result of this operation the number of issued Tethers in circulation won't change.@Tether_to$USDt
However, Ethereum USDT supply will increase in this case by exactly two billion USDT, while Tron’s supply will decrease by two billion USDT. The development today is coming about five days after Justin Sun, the CEO of Tron, celebrated a total supply of 10 billion USDT issued by Tether on their blockchain network.
According to Tronscan, the network explorer for Tron blockchain, there are currently 8.6 billion USDT issued on Tron, all of which are currently in circulation, and held in about 1,815,892 addresses. Also, a further glance at Etherscan confirmed a total supply of 17.9 billion USDTs on Ethereum. These USDTs on Ethereum are held in over 2.4 million addresses.
Over the years, Ethereum has since remained the biggest network for USDT, followed by Tron and other blockchain networks.
For today’s trading news, we’re looking at are three altcoins that might breakout showing bullish trends in the charts.
1. Ripple (XRP)
Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company.
XRP Price Analysis
At the time of writing, XRP is ranked 3rd cryptocurrency globally and the current price is $0.8109 AUD. Let’s take a look at the chart below for price analysis.
If we see the above 1-hour candle chart, we are moving in a symmetrical triangle, just tested the lower support line of this triangle, and we can expect the movement to the upper resistance line. if we breakout from this triangle, XRP might start a new bullish trend.
“A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. Trend lines that are converging at unequal slopes are referred to as a rising wedge, falling wedge, ascending triangle, or descending triangle.”
2. Cardano (ADA)
Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.
ADA Price Analysis
At the time of writing, ADA is ranked 8th cryptocurrency globally and the current price is $0.2093 AUD. Let’s take a look at the chart below for price analysis.
If we see the above 1-hour candle chart, Cardano ADA is forming an ABCD pattern in a Triangle Formation by making higher-highs & higher-lows in the price levels. If ADA bounces back from the E point of a Triangle Formation, It can start its new bullish trend after breaking the next resistances.
“The ABCD pattern is an easy-to-identify chart pattern that consists of two equivalent price legs. It is a harmonic pattern that helps traders predict when the price of a stock is about to change direction. The pattern can be used to predict either a bullish or bearish reversal depending on the orientation.”
3. Tron (TRX)
TRON is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has capacity for 2,000 TPS — 24/7.
TRX Price Analysis
At the time of writing, TRX is ranked 18th cryptocurrency globally and the current price is $0.0408 AUD. Let’s take a look at the chart below for price analysis.
November brought an impressive 70% rally in TRX’s price before it encountered resistance below September’s swing high, near $0.0539 AUD.
Last week’s sweep of old highs could lead to a retest of support near the November monthly open, where equal lows make an appealing short-term target for bears.
If we see the above 4-hour candle chart, TRX is squeezing inside the symmetrical triangle and is now charging up for the strong breakout, if TRX bounces back from the support like then it might pump with a breakout.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that would help for trading USDT or BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
