By CCN: Want to pump an asset's market capitalization by more than 650 million in just two days? Then learn from Justin Sun. The chief executive of Tron Foundation said last week that he would publish a big announcement after June 1. Nobody exactly…
By CCN: Want to pump an asset’s market capitalization by more than 650 million in just two days? Then learn from Justin Sun.
The chief executive of Tron Foundation said last week that he would publish a big announcement after June 1. Nobody exactly knew what the revelation would be: a Godzilla or a Bambi, but the price of Tron’s blockchain token of the same encashed the hype pretty well.
The TRX rate today surged to $0.041 on Binance, its highest in 10 months. The move took Tron’s weekly gains to more than 55-percent, including a nearly 28-percent jump this weekend. The rise further assisted the blockchain project establishing a $2.71 billion market capitalization, up by 103-percent on a year-to-date basis.
One cannot doubt that Sun’s so-called announcement painted a pretty picture on TRX charts. But all it takes is a splash of red to undo the work. And in case of Tron, such threats are best not ignored.
Sun has a history of projecting small acts as breakthrough phenomena. The community remembers the CEO for creating hype about partnering with “a giant whose valuation was worth of billions of dollars,” and later hiring China-based Baidu to use their cloud computing solutions. As usual, the TRX price reacted positively to the news and surged by 2-percent — even though the given fundamental was entirely misleading.
If that’s not enough to shake the conscience of hardcore Tron holders, then Sun bragging about having 1 million followers on Twitter should do the job.
The CEO in March went too far in proving himself as the most popular crypto-celebrity but caused embarrassment to himself and his supporters when it was found that thousands of those followers were fake. What further serves the memory is Sun’s Tesla giveaway debacle, wherein he promised to award the expensive car to one of his lucky followers.
As it turned out, the CEO awarded the winner a return economy class tickets to one of Tron’s blockchain events. There went another opportunity for Tesla to sell a car.
Buyers are going to buy whenever they see a near-term opportunity in Tron. That explains why the TRX price surged, especially in the last two days. But the full picture indicates that Tron is turning into a pro-trolling marketing campaign. Enjoy the bulls***t rally while it lasts.
This article was edited by Samburaj Das.
Last modified: June 2, 2019 12:16 PM UTC