Justin Sun’s $1 Billion Project: Can It Revive Declining Markets?
Contributor
- Justin Sun announces $1 billion for crypto industry amid market crash
- However, TRX remains bearish despite positive developments.
Justin Sun’s $1 Billion Relief Plan for Crypto Industry
Over the past 48 hours, crypto markets have seen an extreme sell-off amid a global stock crash. The crypto industry experienced over $1 billion worth of liquidations, resulting in a over $300 billion drop in the crypto market.
In response to the market uncertainty, Justin Sun, the founder of Tron Network (TRX), has announced a $1 billion relief plan for the crypto industry.
Crypto Market Downturn and ETH Liquidation
In the midst of the global stock market decline, ETH has suffered increased liquidation with more than $355 million liquidated in 24 hours.
Rumors circulated about Justin Sun falling victim to ETH liquidation, but he clarified that such rumors were false. He rarely participates in leveraged trading and mostly supports various crypto projects through staking strategies with his ETH holdings spread across different wallets amounting to 377,590 ETH.
Possible Impact on TRX Price Charts?
The announcement of Justin Sun’s relief plan has provided a boost for TRX on daily charts. The altcoin has gained 0.56% and is trading at $0.124.
AskFX’s analysis showed that TRX has been experiencing a sharply bearish market as indicated by negative index values on the Directional Movement Index (DMI).
The OI-weighted funding rate for TRX has been negative for four consecutive days according to Coinglass, indicating pessimistic market sentiment.
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Despite Justin Sun’s announcement of a $1 billion relief initiative to support the crypto market,the overall sentiment regarding TRX remains pessimistic even on daily charts. p >
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