TRON founder Justin Sun invest $1.6 billion in Ethereum-based DeFi protocols


  • Justin sun sinks million in Ethereum based DeFi protocols ignoring the ones based on Tron.
  • Sun’s wallet takes up over 25% of Big Data Protocol volume.
  • Tron uptrend is intact, but resistance at $0.055 remains stubborn.

Justin Sun, the founder of TRON (TRX), a cryptocurrency project focused on providing smart contract utility, has invested a colossal amount of money in Ethereum-based decentralized finance (DeFi) projects. The underwater investment information was shared on Twitter by Igor Igamberdiev, a research analyst at The Block.

Justin Sun ignores Tron-based DeFi protocols

According to Igamberdiev, Sun changed to a new address after exposing the previous one for Big Data Protocol (BDP) farming. The data shared on Twitter reveals that the founder has invested more than $1.6 billion in Ethereum-based DeFi projects.

Apparently, one of Sun’s addresses had once made a transaction that made up 25% of the Big Data Protocol volume. Data from The Block research revealed that Sun had roughly 661,000 WETH, about 229 million USDT, nearly 162 USDC, and 150 WBTC.

The rest of the funds have been distributed to other DeFi projects such as Chainlink (4.9 million), SushiSwap (7 million), Uniswap (3.4 million), Aave (144,000) among others.

Igamberdiev says that “this amount of money in a fresh farm with a dubious use case raises certain concerns.” Moreover, it raises many questions why Sun is not supporting projects on his TRON Blockchain. It is also likely that such large volume holding is geared toward pumping and dumping; in the end, it hurts smallholders of the tokens.

At the time of writing, TRON is trading at $0.05 amid a gradual recovery from the price drop in February. Support at the 200 Simple Moving Average (SMA) played a key role in the rebound. However, TRX has not sliced through the hurdle at $0.055, delaying the uptrend.

The least resistance path is upwards at the time of writing, supported by the Moving Average Convergence Divergence (MACD). Besides, holding above $0.05 would allow bulls to focus on breaking the hurdle at $0.055.

TRX/USD 4-hr chart

TRX/USD 4-hour chart

Note that the longer bulls take to break the resistance at $0.055, the stronger the selling pressure becomes. In other words, overhead pressure will rise toward the immediate support at $0.05. On the downside, other support levels to keep in mind are the 50 SMA and the 200 SMA.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC price surges despite threat of crash to $36k

Bitcoin price shows lackluster performance after the recent crash, giving rise to the credibility of the run-up to $50,000. As the September 24 daily candlestick bathes in red, the chances of an uptrend continue to diminish.

More Bitcoin news

XLM Price Prediction: Stellar traps bulls as it targets $0.195

Since Wednesday, the Stellar (XLM) price has been paring back losses, but price action has already started to fade on XLM. Bulls cannot push the price above $0.30, and XLM price has startedto form a bull trap.

More Stellar Lumens News

Polkadot Price Prediction: DOT will hit $40 by October

Polkadot (DOT) bears are scrambling to cash in on their profits as price action for DOT reverses quite rapidly, with bulls overtaking control and pushing price action back toward levels achieved before the correction began. 

More Polkadot News

PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’

China’s central bank cracks down on illegal financial activities from overseas cryptocurrency exchanges. The recent announcement marks the People’s Bank of China's (PBoC) strongest move against cryptocurrency mining and trading to date. 

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP