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While the other cryptocurrency platforms are facing fluctuations in their assets, the Tron (TRX) network is seeing non-stop profits. As per the reports, it showed that it had reached a total of 4 billion transactions within a short span of time. And the transfer value was increased to $5 trillion (USD).
According to the survey, TRON stands in second position for having the largest public chain by stablecoin market cap and third position for having the largest public chain by Total Value Locked (TVL).
There is a rumor that is trending recently everywhere on the social media platform that Justin Sun, the founder of TRON, may be the one who bought the largest cryptocurrency exchange network, Huobi Global. Huobi said that the platform was owned by Capital Management. But there is a debate from a Chinese blockchain called Wu Blockchain saying that it conducted a lot of research on Huobi Global and confirmed that Huobi was owned by Justin Sun. The founder of TRON was a core investor in Huobi, said Wu Blockchain.
Somehow, the rumor helped Justin increase 3% of TRX within a day. Not only that, within 24 hours, the value of TRX had increased by 70%, reaching $787.92 million. The total number of blockchain transactions increased by 4 billion. The TVL in TRX was increased to $12.5 billion (USD). And the users on the platform are connected to more than 115 million customers.
The crypto token of Huobi Global, after the announcement of Huobi’s new unit, has shown an increase in its growth rate of 28%. Huobi invited the founder of the TRON foundation, Justin Sun, to the new unit. The new advisory committee of Huobi Global includes Ted Chen, Du Jun, Wang Yang, and Leah Wald.
During the meeting, Sun denied the rumors that he was going to buy $1 billion (USD) in stakes on the Huobi Global platform. The CEO of FTX, Sam Bankman-Fried, refused to collaborate with Huobi.
The company was relieved after seeing the growth rate of its Huobi token go from $4 to $5.2 within a day. To stabilize the stakes on the platform, Huobi decided to invest funding that could help the platform decrease the price fluctuation it has been facing for years.
Huobi believes that the new advisory committee will help to develop the Huobi Global business, assist in branding and marketing, and manage risk control on the platform.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
