Crash

Based

Movement

TRON

Billion

<ul> 
 <li aria-level="1">Sun clarifies investment strategy focuses on staking, not leveraged trading, holding 377,590 ETH across multiple wallets.</li> 
 <li aria-level="1">Despite Sun’s initiative, TRX price sees minor increase of 0.56%, continues bearish trend with strong market skepticism.</li> 
</ul> 
In response to a significant sell-off in the cryptocurrency market, which resulted in a $300 billion decrease in market capitalization, Justin Sun, the founder of Tron Network (TRX), has pledged $1 billion to stabilize the sector. 
This announcement was made as global stock markets also experienced declines, adding to the financial turmoil. 
Sun <a href="https://x.com/justinsuntron/status/1820386648200245409">disclosed</a> his plan on X, where he stated: 
<blockquote>
 “The industry has expanded over the past year, and this market fluctuation is not linked to negative news. We should dismiss fear, uncertainty, and doubt (FUD) and continue to build. That is why we are setting up a $1 billion fund to fight FUD, invest further, and boost liquidity.”&nbsp;
</blockquote> 
His statement aims to reassure traders and investors during a time when the market has seen liquidations. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Don't worry! The industry has grown significantly over the past year, and this market fluctuation isn't due to negative news. We should reject FUD and keep building. That's why we're creating a $1 billion fund to combat FUD, invest more, and provide liquidity. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f64f.png" alt="🙏" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 — H.E. Justin Sun 孙宇晨 (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1820386648200245409?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The <a href="https://www.ethnews.com/justin-suns-financial-disaster-the-truth-behind-the-152-million-rumor/">recent market downturn</a> saw Ethereum (ETH) endure the largest liquidations, with over $355 million liquidated in 24 hours. Amid these losses, there were rumors that Sun had to liquidate substantial positions.&nbsp; 
Sun addressed these rumors by clarifying that his investment approach does not typically involve leveraged trading. Instead, he focuses on staking and supporting various crypto projects. He <a href="https://www.ethnews.com/justin-sun-buys-5-million-in-ethereum-ahead-of-etf-approval/">confirmed holding 377,590 ETH</a> in several wallets, emphasizing his ongoing engagement in the cryptocurrency space. 
<figure id="attachment_85620" aria-describedby="caption-attachment-85620" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85620" src="https://www.ethnews.com/wp-content/uploads/2024/08/trxdmi.jpeg" alt="" width="1379" height="767">
 <figcaption id="caption-attachment-85620" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Despite Sun’s reassurances and the introduction of the relief fund, TRX has continued to show a downward trend. After the announcement, TRX experienced a slight increase of 0.56%, trading at $0.124. 
However, broader market analysis using the Directional Movement Index (DMI) indicates a continuing bearish outlook, with the negative index notably higher than the positive. 
<figure id="attachment_85630" aria-describedby="caption-attachment-85630" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-85630" src="https://www.ethnews.com/wp-content/uploads/2024/08/trxol.png" alt="" width="1852" height="525">
 <figcaption id="caption-attachment-85630" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
Moreover, recent trading data shows significant liquidations of <a href="https://www.ethnews.com/tron-sees-robust-growth-daily-transactions-increase-6-trx-price-rises-by-13-this-month/">TRX long positions</a>, with $631.69k liquidated on July 5th, indicating ongoing market skepticism about the altcoin’s future. 
While Sun’s $1 billion initiative is a substantial commitment to the crypto industry, it has yet to make a decisive impact on reversing TRX’s market fortunes. 
<div class="cryptoboxes" id="mcw-12515" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="TRX" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
The current price of TRX (TRON) is $0.122735, which represents an increase of 3.93% over the past 24 hours. TRON has a circulating supply of 87.01 billion and a market capitalization of 10.679 billion. The price range for the day is between $0.121538 and $0.123312. 
Price Prediction 
Based on technical analysis and current market trends, the price of TRX is projected to reach around $0.130 in the near term. 
The post <a href="https://www.ethnews.com/1-billion-bet-can-justin-sun-turn-the-crypto-crash-around/">$1 Billion Bet: Can Justin Sun Turn the Crypto Crash Around?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

$1 Billion Bet: Can Justin Sun Turn the Crypto Crash Around?

ETHNews

Other articles published on Aug 6, 2024

Doge2014 Meme Coin Developers Aim for 1,000% Price Surge Post-Presale: Here’s Why It Could Happen

Injective Processes $200M in a Day, Debuts Altaris

VanEck CEO Compares Bitcoin Adoption To Gold, Reveals Why Price Will Touch $350,000

Amid Market Volatility, Binance CEO Urges Community to Stay Informed

Exposing the Mystery: Shiba Inu Leader’s Cryptic Tweet Stirs Up Speculation

Cryptocurrency Kaspa's Price Increased More Than 11% Within 24 hours

Join our free newsletter for daily crypto updates!