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Justin Sun

TRON Eyes NFT Domination After Meme Coin Success

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After its success in the meme coin ventures, TRON founder Justin Sun is now setting its sights on another frontier in the crypto space: Non-Fungible Tokens [NFTs]. As per Sun, it is the right time to launch a high-quality NFT project that can truly gauge the interest of both collectors and enthusiasts. The founder tagged the platform’s new meme coin launchpad, sunpepememe, and NFT partner, APENFT, hinting at upcoming NFT projects soon.

Sun’s latest interest in the digital collectibles sector is no mere coincidence. There is a noticeable uptick in the sales volumes of the Non-fungible token, showing a positive trend across several major blockchains. Data from NFT tracker CryptoSlam showed that Polygon [MATIC], Solana [SOL], Ethereum [ETH], and Mythos Chain posted significant gains, with Polygon in the lead with a 123.20% increase in 7-day sales.

Apart from a rebound in sales volume, the number of NFT buyers also increased last week, with more than 500,000 buyers. The surging number of buyers comprises roughly a 40% increase compared to the previous week. Besides, NFT collections like Bored Apes and CryptoPunks have seen significant price increases.

TRON’s Massive Profits Fuel NFT Dreams

Moreover, TRON’s recent financial performance has further fueled Sun’s ambitions. As reported by TronWeekly, the platform’s quarterly revenue in Q2 of 2024 increased to a staggering $117.5 million, securing its position as the third-highest-earning smart contract platform. This impressive financial health underscores TRON’s growing influence and potential for expansion.

While the exact details of TRON’s NFT project remain under wraps, Sun has hinted that it will aim to address some of the shortcomings of existing NFT platforms. This could include improved scalability, lower transaction fees, and enhanced user experience. If successful, TRON’s NFT project could become a game-changer in the space, potentially attracting new investors and driving further growth for the platform. Furthermore, the launch of a native NFT project would align with TRON’s broader strategy of diversifying its offerings and attracting a wider range of users.

TRON’s Next Big Move: A Billion-Dollar Bet

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Justin Sun-led TRON is making waves in the blockchain space, as indicated by its booming profits. The recent Messari report highlighted that the platform’s quarterly revenue in Q2 of 2024 reached a substantial $117.5 million, ranking third among all smart contract platforms.

The report has caught the attention of TRON’s founder, Justin Sun. In a statement, Sun expressed optimism about the platform’s future, predicting that it could reach a revenue milestone of $1 billion within the next year. He attributed this confidence to the consistent burn revenue implemented by TRON, which has averaged around $3.88 million per day in recent times.

To achieve this ambitious goal, the TRX network would need to increase its revenue by approximately 2x. While this might seem challenging, Sun believes it is entirely feasible given the platform’s current trajectory.

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TRON's Next Big Move: A Billion-Dollar Bet 2

The report from Messari further highlights TRON’s financial health, noting that its annualized revenue in Q2 2024 reached $470 million. This substantial figure underscores the platform’s growing popularity and its potential for continued success.

Conservatively, in the next 12 months, TRON’s total revenue could hit $3 billion, with $1 billion burned and $2 billion given as rewards to stakers and for transaction subsidies. If the meme strategy succeeds, it could reach $4 billion.

TRON vs. Solana: Meme Coin War Heats Up

The Tron ecosystem is making rapid strides after its foray into the meme coin arena. Recently, it launched a new platform called SunPump rivaling Solana’s Pump.com. In just weeks, SunPump generated over $1.1 million in revenue, fueling a memecoin frenzy on the TRX network. 

Among all the TRX meme coins, the SUNWUKONG token skyrocketed by 20,462% in a single day, highlighting meme coin potential.

Despote critics questioning the long-term feasibility of these asset classes, Sun underscored the importance of community engagement and fair launches in building user loyalty and in driving growth. According to him, community-driven meme coins are a better alternative than venture capitalist-backed projects with inflated valuations.

As TRON continues to expand its reach and attract new users, it remains to be seen whether it can achieve Sun’s ambitious revenue target. However, the platform’s strong financial performance and positive outlook suggest that it is well-positioned for future growth.

TRON Adoption Soar By 52% YTD

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TRON network has registered a surge in network activity as the daily active addresses count is up 52% year-to-date. Per data from IntoTheBlock, the current daily average stands at over 2.42 million addresses, compared to 1.59 million on January 1st. This significant growth highlights the increasing adoption and utilization of the TRX blockchain.

It also demonstrates the network’s ability to handle a large number of transactions efficiently and its low cost has been a key factor driving its popularity. While the exact reasons behind this surge can be multifaceted, several factors likely contribute to the trend. The thriving DeFi ecosystem on TRON, coupled with the network’s support for stablecoins and its role in the global payments landscape, have attracted a growing user base.

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Image credit: @Chching

TRX comes with a market cap of $11 billion, 100% of the total supply in circulation, and an average of 6,000,000 TRX tokens burned daily.

TRON’s founder, Justin Sun, has consistently highlighted the network’s commitment to scalability and user experience. The recent developments, including the launch of new dApps and partnerships, have further bolstered TRON’s position as a leading blockchain platform.

TRON’s Zero-Fee Transfers: Stablecoin Revolution Arrives Q4

As reported by TronWeekly, the blockchain’s latest innovative feature will allow gas-free stablecoin transfers and is scheduled to launch in the fourth quarter of this year, per Sun. With zero fiat fees, users would be able to transfer stablecoins in a seamless and hassle-free manner. The fees will be deducted directly from the stablecoins being transferred, similar to how trading fees are managed on centralized exchanges [CEX].

This launch is part of Tron’s broader strategy to improve user experience and drive adoption of its blockchain ecosystem. The gas-free transfer feature will first be rolled out on the TRX blockchain before expanding to Ethereum and all EVM-compatible public chains.

That being said, as the number of active addresses continues to rise, it is evident that TRON is gaining traction among both individual users and businesses. This positive momentum would likely fuel further growth and development within the TRX ecosystem.

Massive Ethereum Frenzy: Justin Sun’s $405M Acquisition Storm

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Tron founder Justin Sun has set the cryptocurrency world abuzz with his recent Ethereum (ETH) buying spree. Data from Lookonchain, a prominent analytics platform, reveals that Sun has been accumulating Ethereum at an unprecedented rate. Since April 8th, Sun has acquired a staggering 127,388 ETH, amounting to a jaw-dropping $405.19 million.

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Source

What’s particularly intriguing is that Sun’s ETH acquisitions aren’t isolated incidents. His wallets exhibit a pattern of both buying and selling activities. Recent data shows that Sun’s wallets have deposited a significant amount of USDT to Binance on Tron, adding complexity to his trading strategies. Despite being relatively young, with one wallet only three weeks old, Sun’s ETH acquisitions are substantial. Previous records indicate similar purchases, with one wallet snapping up 168,369 ETH valued at approximately $487 million between February 12th and 24th.

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Suspected Justin Sun wallet bought 168,369 $ETH($487M) at $2,894 from Binance and DEX between Feb 12 and Feb 24

Here’s Why Sun Could be Gathering Heaps of Ethereum

With a total accumulation of 295,757 ETH, worth a staggering $891 million, it’s evident that Sun might be privy to something significant. While Sun often justifies his massive trades as a means to diversify liquidity across his various ventures, the ETH acquisitions hint at a deeper strategy.

Ethereum, renowned as the pioneer of smart contracts and home to a thriving DeFi ecosystem, remains a beacon of innovation in the cryptocurrency space. Sun’s transactions underscore ETH’s dominance in attracting liquidity. Moreover, Sun’s involvement with other cryptocurrencies, such as Shiba Inu (SHIB), further emphasizes the significance of ETH within the broader crypto landscape.

Speculations abound regarding Sun’s motives. Some suggest strategic investments aimed at leveraging ETH’s potential growth, while others view his actions as a testament to Ethereum’s enduring appeal. Whatever the rationale behind Sun’s Ethereum buying spree, one thing is clear: it’s a testament to Ethereum’s stature as a cornerstone of the cryptocurrency market.

As the crypto community eagerly awaits Sun’s next move, one can’t help but marvel at the dynamic nature of the cryptocurrency space. With each transaction, Sun adds another layer of intrigue to an already captivating ecosystem, leaving observers eagerly anticipating what comes next.

Sun’s Stunning Bitcoin Revelation: $1.6B HTX Holdings Rock Industry

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In a bold move to assert his active involvement in the HTX cryptocurrency exchange, Justin Sun recently showcased his substantial Bitcoin holdings. On Tuesday, Sun, the notable figure behind the TRON blockchain, took to social media to dispel doubts about his utilization of HTX, sharing a screenshot of his HTX wallet displaying a staggering 28,614 bitcoins, valued at approximately $1.6 billion.

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Justin Sun’s HTX Wallet

Sun’s public display of his bitcoin wealth, amidst ongoing scrutiny from the Securities and Exchange Commission (SEC) for alleged fraud and securities violations, raises eyebrows. Despite his tumultuous journey as a crypto entrepreneur, Sun remains unapologetic, asserting his heavy engagement with HTX and other major exchanges.

The revelation underscores the significance of Bitcoin as the cornerstone of Sun’s crypto portfolio and his commitment to HTX. While Sun’s flamboyant display may not surprise those familiar with his rollercoaster career, it serves as a testament to the enduring allure of cryptocurrencies in the face of regulatory challenges.

As the crypto saga continues to unfold, Sun’s unabashed endorsement of HTX and his formidable BTC holdings inject further intrigue into the ever-evolving landscape of digital assets.

Bitcoin’s Institutional Crown Fades Amid Ethereum’s Surge

In other news, as Ethereum surges, riding the coattails of Bitcoin’s recent rally, the cryptocurrency landscape is witnessing a notable shift in institutional sentiment. Ethereum, the second-largest cryptocurrency, has soared to heights unseen since April 2022, edging closer to the $3,200 mark with a remarkable 7% surge in just a day.

Traditionally, BTC has been the favored choice of institutional investors. However, a recent Bybit Research report suggests a changing tide. Institutions are increasingly favoring Ethereum over Bitcoin, with Ether emerging as the primary holding for many financial organizations since September 2023.

This institutional pivot towards Ether is fueled by anticipation surrounding the Dencun upgrade scheduled for March 2024, promising to bolster the network’s performance, as reported by TWJ. Meanwhile, retail investors maintain a higher allocation to Bitcoin compared to Ether. Despite both retail and institutional investors boosting their holdings in Bitcoin and Ether in recent months, the report highlights a stark contrast in investment strategies, with institutional interest in Ether significantly overshadowing that of retail users.

TRON Crisis: Sun’s $260M Wallet Mystery Unfolds

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TRON founder Justin Sun is in the limelight after a major stablecoin issuer ceased USDC support on the blockchain. As the crypto community speculates over the next course of events, data analysis tool Lookonchain reported that an anonymous whale suspected to belong to the crypto entrepreneur deposited 90 million USDT to Binance. Subsequently, the wallet known as “0x7a95” withdrew 10,136 ETH [$29.76 million] and 40 million USDT from the crypto exchange. So far, the whale has bought 91,316 ETH worth nearly $260 million from Binance and other DEXs.

In the past 32 hours, another unknown wallet named TWGHNc” bought a total of 54,721 ETH ($154.4M) from Binance and DEX. This wallet also withdrew 500 million USDT from HTX a day before. “Maybe no one except Justin Sun can withdraw so much USDT from HTX, a crypto exchange affiliated with him,” Lookonchain stated.

Interestingly, the transactions of wallet “TWGHNc” are highly consistent with “0x7a95.” “This seems like too much of a coincidence,” Lookonchain noted.

TWGHNc deposited 5.41million USDT to HTX on Feb 7 and 0x7a95 withdrew 1,100 ETH from HTX on Feb 8. TWGHNc deposited 50M USDT to Binance on Feb 1 and 0x7a95 withdrew 9,959 ETH from Binance on Feb 12. TWGHNc deposited 200 million USDT into Binance on Feb 18. On the same day, 0x7a95 withdrew 29,875 $ETH ($84.3M) and 100M $USDT from Binance.

While there is a strong possibility that the wallet might be related to the TRON founder based on on-chain data, Lookonchain stated that there is no definitive proof that it belongs to him and that “everyone can have their own opinions.”

TRON On The Verge Of Regulatory Chokehold?

The new developments come after stablecoin issuer Circle announced its decision to withdraw support for its USDC [US Dollar Coin] token on the Tron blockchain network. Users have until Feb 25 to move their USDC tokens on the TRON blockchain to other networks. “Our decision to discontinue support for USDC on TRON is the result of an enterprise-wide approach that involved the business organization, compliance, and other functions across our company,” as per the official statement.

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TRON Crisis: Sun's $260M Wallet Mystery Unfolds 8

Circle’s decision has sparked speculation that both TRON and Sun are next in line of fire over compliance-related issues. Already battling the SEC, TRON Foundation and its founder filed for dismissal of SEC claims, arguing improper application of securities laws, overstepping jurisdiction, and lack of fair notice.

The regulator filed suit against the defendants in March 2023 for selling unregistered securities and for the sale and promotion of TRX [TRON] and BBT [BitTorrent].

Justin Sun-Backed Poloniex Lands On FCA’s Warning List

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In the wake of enduring four cyber attacks within the past two months, Poloniex, backed by Justin Sun, has found itself newly added to the Financial Conduct Authority’s [FCA] warning list of unauthorized companies in the United Kingdom. The Seychelles-based exchange is one of three entities connected to entrepreneur Justin Sun that have fallen victim to these security breaches.

The FCA, on December 6, published its warning blog post to include Poloniex, emphasizing that firms and individuals lacking the necessary authorization or approval cannot promote financial services within the UK. So far, the FCA has evaluated 291 applications from cryptocurrency companies seeking registration, with only 38 receiving approval. In October, it disclosed that 140 crypto firms, including HTX and KuCoin, were on its warning list. Since then, only one entity, PayPal UK, has obtained authorization from the regulator.

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Justin Sun-Backed Poloniex Lands On FCA's Warning List 10

Cryptocurrency companies are preparing for increased regulatory scrutiny as the UK’s financial services regulator, the FCA, implements a series of new rules to combat illicit marketing tactics in the industry. The measures, unveiled in June, involve the prohibition of refer-a-friend bonuses and the introduction of a “cooling-off” period requiring first-time investors to wait a full day before completing their transactions. This move has been characterized by analysts as an effort to provide consumers with “extra protection in the crypto Wild West.”

Justin Sun’s Exchange Hack Saga

Poloniex itself fell victim to a significant $100 million hack on November 10. The platform reported that it had largely completed its restoration efforts by the end of November and was gearing up to resume withdrawals and deposits. On December 5, the exchange reinstated deposit and withdrawal services for specific cryptocurrencies via the Tron network, outlining plans for a gradual implementation of these services for additional cryptocurrencies.

Notably, Justin Sun, the founder of Tron and owner of Poloniex, also possesses HTX, a crypto exchange formerly known as Huobi. In the past two months, platforms associated with Sun have suffered four cyberattacks. HTX experienced a loss of $8 million in a September attack and faced an additional $30 million loss due to a hot wallet breach in late November. Simultaneously, HTX’s HECO Chain Bridge, a tool facilitating the movement of digital assets between HTX and other networks like Ethereum, was compromised by hackers, resulting in the transfer of at least $86.6 million to suspicious addresses.

Circle Denies Funding Hamas Or Banking Justin Sun In Open Letter To Senators

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Circle, the company behind the popular USDC stablecoin, has strongly denied recent accusations that it is tied to terrorist financing or controversial crypto figure Justin Sun. In a letter addressed to U.S. Senators Sherrod Brown and Elizabeth Warren, Circle’s Chief Strategy Officer Dante Disparte dismissed these claims as “false” and intended to damage Circle’s reputation.

Disparte responded to a letter sent to the Senators in November 2023 by the Campaign for Accountability (CfA). The CfA letter alleged that the company has close relationships with Sun and his Tron blockchain platform, which supposedly funded groups like Hamas, Hezbollah, and the Palestinian Islamic Jihad. It also said USDC was among $93 million worth of crypto assets seized by Israel from wallets linked to these terrorist organizations.

Circle Highlights Regulatory Compliance and Cooperation

In his letter, Disparte pointed out that the company cooperates extensively with regulators and law enforcement agencies to combat illicit finance. This includes the Treasury Department’s Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), and the New York Department of Financial Services (NYDFS).

Disparte also admitted that Circle previously had dealings with Sun but stated this was done legally and Sun is not on the government’s Specially Designated Nationals (SDNs) list. The company has since terminated its relationship with Sun and no longer provides services to him, Tron, or any affiliates.

Denies Involvement In Terrorist Financing

Additionally, Disparte denied that USDC was used by terrorist groups, referring to public blockchain records showing only $160 worth of USDC transfers among the Israel-identified wallets. He stressed that none of those funds originated from Circle and that the company can freeze or revoke tokens it deems illicit.

Disparte closed by expressing Circle’s willingness to work with policymakers on crypto industry regulations. He invited the Senators to meet and discuss these issues while highlighting Circle’s commitment to protecting consumers, investors, and national security.

The strongly worded letter signals that the company is eager to defend itself and USDC against accusations of lax anti-money laundering controls or ties to prohibited entities. However, it remains to be seen whether regulators will open an investigation into Circle and other stablecoin operators in response to the allegations raised.

Related Reading | Top Crypto Coins: GameStop Memes Joins Ethereum and Binance Coin with $4 Million Haul

Circle Proactively Cuts Ties with Justin Sun, Prioritizes Security

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Circle, a leading global financial technology firm, has recently come under fire from the so-called Campaign for Accountability (CfA) for its alleged role in facilitating illicit financing. In a letter to Senators Sherrod Brown and Elizabeth Warren, Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, refuted these claims and set the record straight on the company’s commitment to combating illicit finance.

Disparte categorically denied CfA’s assertion that Circle facilitates or finances any form of illicit activity, including Hamas. He also clarified that the exchange does not “bank” Justin Sun, nor does it have any accounts with him or his affiliated companies. In fact, the firm terminated all accounts held by Sun and his companies in February 2023.

Circle: Setting the Record Straight on Illicit Financing

Circle has a long-standing history of cooperating with regulators and law enforcement to combat illicit finance. The company has been recognized by the U.S. Secret Service for its efforts to identify and prevent fraud and scams. In addition, the firm adheres to strict regulatory requirements, including the Bank Secrecy Act (BSA) and anti-money laundering (AML) laws.

Disparte also addressed CfA’s claims that Circle financed Hamas or Hezbollah. He pointed out that CfA’s reliance on a report by the blockchain firm Elliptic was misleading, as the report itself acknowledged that only a small fraction of the funds in question were USDC. Moreover, none of those funds were acquired from the exchange.

In response to CfA’s accusations, Circle has reaffirmed its commitment to combating illicit finance and to working with regulators to develop a comprehensive regulatory framework for stablecoins. The company has consistently advocated for strong reserving, redemption, disclosure, liquidity, and operational risk management standards for stablecoin issuers.

Circle’s response to CfA’s allegations underscores the company’s dedication to transparency and compliance. The company’s commitment to combating illicit finance and its support for robust regulatory oversight are essential steps toward building a more secure and trustworthy digital assets ecosystem.

Bitcoin Services Resumes On HTX Post-$30M Hack

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Bitcoin deposits and withdrawals have been successfully resumed following a significant setback on November 22, when the HTX crypto exchange fell victim to a $30 million exploit. The exchange shared this positive development in a blog post dated November 26, stating that deposit and withdrawal functions are now operational for various currencies besides Bitcoin. The official statement reads:

We are pleased to announce that HTX has resumed withdrawal services for certain cryptos via the ERC20 blockchain, including ETH, MATIC, PEPE, FLOKI, SHIB, etc. The resumption of deposit and withdrawal services for more cryptos on the platform will be implemented gradually. Please stay tuned for further announcements.

Expressing gratitude for the continued support and trust of its users, HTX has also introduced a special token airdrop event as a gesture of appreciation. This event will utilize a snapshot of users’ Rockets, with Rocket values determined by the 30-day average balance measured in USDT. Each USDT will equal one Rocket, and users holding assets such as HT, TRON [TRX], Bitcoin, and Ethereum will have their Rocket values multiplied.

The tokens for the airdrop will be sourced from a premium asset set to be listed on HTX, with specific details of the event to be unveiled in early December. In addition to the official announcement, TRON founder Justin Sun shared in a post that HTX has plans to gradually restore functionality to the remaining cryptocurrencies, anticipating completion “by next week.” HTX, previously known as Huobi, underwent an international rebranding under the guidance of Justin Sun.

Bitcoin Profitability Shoots Up

The exchange gained notoriety when an anonymous hacker illicitly accessed its hot wallets, resulting in an initial loss of approximately $13 million. On the same day, another venture led by Sun suffered an $85 million loss, adding to the challenges faced by the crypto industry, TronWeekly reported.

Meanwhile, the Bitcoin market has recorded a spike in the profitability metric, with the volume of Bitcoin supply reaching levels last seen two years ago. The Glassnode report showed that over 83% of the Bitcoin coin supply is currently held in profit, marking the highest level since November 2021, near the all-time high [ATH] of that period.