Tron’s TRX token rose sharply on Monday, going against the grain of a wider market slump that re-emerged 24 hours earlier. The rally comes at a time when founder Justin Sun is setting out to bolster his project’s image and silence the chorus of vocal critics who have come out against Tron.
Sun Sharpens Tron’s Image
Tron’s controversial leader announced earlier this month that he has hired a former attorney at the U.S. Securities and Exchange Commission (SEC). David Labhart, a former SEC attorney, will serve as Tron’s head of compliance.
In further highlighting Tron’s willingness to play ball with regulators, Sun recently told VentureBeat that his company is looking to work closely with federal agencies in the United States, China, South Korea and Japan. These jurisdictions are where Sun hopes Tron will expand to in the future.
Sun is often criticized for overhyping his project with little substance. He has also been called out for exaggerating business relationships and presenting a muddied view of how Tron plans to disrupt the Internet. Along the way, he probably plagiarized whitepapers and sold billions of TRX tokens.
That being said, his words have had more substance as of late. Last summer, Sun acquired BitTorrent, the world’s leading peer-to-peer file sharing system. The interplay between the two projects is easy enough to understand, as the latter will allow Tron to create a globally decentralized content platform.
But not everyone is convinced that BitTorrent or its newly created BTT token will serve the desired purpose. Former BitTorrent executive Simon Morris launched a scathing criticism at Sun earlier this month when he said there was “no way” Tron’s network would be able to handle BitTorrent’s transactional capacity. Crypto pioneer Jed McCaleb, who co-founded Ripple, Stellar Lumens and the now defunct Mt. Gox, recently called projects like Tron “just garbage.”
While Sun probably faces an uphill battle convincing his critics that Tron is the real deal, his project is one of the most talked about in the blockchain space. His 756,000 Twitter followers demonstrate the extent to which Tron has resonated with the market; its current ranking among top crypto projects showcases its popularity among traders.
TRX Price Update
Tron was one of the crypto market’s top performers on Monday, rising 6.6% to $0.0253, according to CoinMarketCap. The ninth largest cryptocurrency by market cap saw a large influx of trading volume ahead of a highly-anticipated BitTorrent airdrop. More on this story: Tron Volume On Rise as TRX Price Jumps 7% Amid Dip; BitTorrent Airdrop Nears.
Prior to the latest rally, Tron had shown little in terms of committed market direction. The massive bull run that re-emerged in mid-December ran out of gas roughly 11 days ago, which led to a sharp reversal followed by consolidation. TRX spiked 180% during the aforementioned rally.
The TRX price faces strong support at $0.0200. A drop below this level seems unlikely at this point. However, breaks to the upside have been just as elusive. For the past week, TRX/USD has been hovering right around $0.0250.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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