TRON (TRX) transaction surges, investors cashing in on Justin Sun’s resignation as TRON CEO?
According to Tron Foundation and some reports, transactions on the Tron blockchain have surpassed those on EOS, ETH, XRP, NEO, LTC, ADA, and DASH, which might suggest growing utility. And could this be investors making money when Justin Sun steps down as TRON CEO?
TRON transactions spike, are investors cashing in on Justin Sun’s exit?
On December 17, Justin Sun announced his resignation as TRON CEO to become a Grenada WTO Ambassador. The crypto entrepreneur has also stated that the three supernodes associated with him, “justinsuntron,” “BitTorrent,” and “µTorrent,” have been officially withdrawn from TRON representatives as the TRON Community will now be run by 27 super representatives. The TRON Foundation will also dissolve on July 25, 2022.
“According to Coinmetrics, TRON and TRX transactions count is higher than EOS, ETH, XRP, NEO, LTC, ADA & DASH. TRON offers scalable, high-availability & high-throughput support for users and developers on Tron Network”, Tron Foundation stated.
Source: Tron Foundation
Super representatives play a key role in governing the TRON community by ensuring basic functions like block generation and bookkeeping while receiving corresponding rewards. According to Tronscan, any account can apply to become a super representative candidate and vote for super representative candidates. The top 27 candidates with the most votes will become super representatives, and the 28th to 127th will become superpartners.
In the last 24 hours, Whale Alerts reports large batches of TRX transactions. Most recently, 75,186,300 TRX, worth nearly $5,867,895, was transferred from Binance to a mysterious wallet. The rush to take control of one of the largest open-source blockchains seems to be taking place following the resignation of Justin Sun.
Source: Whale Alert
At press time, TRX is trading at $0.0775, down 36% on the day. Tron is the 25th largest, with a current market capitalization of $7.7 billion.
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