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Justin Sun, the founder of Tron network, is ready to help struggling crypto ventures across the crypto space.
During the crypto winter followed by the massive sell off and heavy market downturn, many crypto firms have seen downfall. Many of them ended up on the verge of being liquidated while others have liquidated. At such desperate times, Tron founder – Justin Sun came forward to become the helping hand of FTX and CEO Sam Bankman Fried in their mission.
Bahamian crypto exchange FTX and its CEO and founder, Sam Bankman Fried were involved in saving several crypto firms during their worst phases while offering them crucial financial support. Justin Sun wished to join the sanctity of FTX and SBF to help the companies across the crypto space trembling given the market volatility.
Earlier this month, Justin Sun posted on Twitter saying that he and Tron network are ready to serve those beleaguered crypto firms. As per several reports, Tron founder said that when it comes to acquisitions, he could spend funds upto $5 billion. However, many have questioned Sun’s intentions citing the struggling USDD algorithmic stablecoin of Tron network.
An analyst said that he does not think that Justin Sun actually for this amount of capital that he is saying that he has and that could be allocated to some good of the crypto industry. He thinks that, instead of helping, Sun has intentions to gain publicity for showing that the Tron network has strong fundamentals.
Further the analyst even outlined that when the situation will actually be made up as Justin Sun is saying, then he might not be able to put the $5 billion for help from any institution. It’s worth noting that the USDD stablecoin, soon after its launch in May, fell at its low of $0.93 during mid June and is still struggling to gain its $1 value.
The organization behind Tron network – The Tron DAO – had withdrawn about 2 billion TRX tokens of TRON. On 13th July, this move came in efforts of saving the peg of USDD stablecoin. Later, on 17th June, the organization again withdrew and this time it took out 3 billion TRX. Since, TRX is used to retrieve USDD, withdrawal of TRX comes in the wake of following the same broader strategy.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
