The Tron (CCC:TRX-USD) crypto network promises to give Ethereum (CCC:ETH-USD), Solana (CCC:SOL-USD) and other competitors a real run for their money. The open-source dapp network is one of the fastest growing blockchains in the world, with nearly 70 million accounts associated with it. But going forward, Tron will have to make progress without the help of its founder and longtime leader. The Tron crypto price is taking a dive this morning as news breaks of the departure.
Tron first came to investors’ attention in 2017, with the network’s first token sale. At the time, 40 billion TRX were available for crypto fans to buy, and the rest were dedicated to early investors and other facets of the project. Of course, the leader of this launch was the protocol’s creator, Justin Sun.
In Sun’s time as the patriarch of the Tron network, he has seen the project massively boom. The TRX coin holds a market capitalization of $2 billion, and it is growing in users by the day. It also has several major acquisitions under its belt; mostly notably, Tron purchased BitTorrent (CCC:BTT-USD) and revived it as a blockchain project, to great success.
Tron Crypto Price Sinks as Justin Sun Pursues Crypto Ambassadorship
After the last several years’ huge growth period for Tron and its TRX coin, things are coming to a close; some volatility is on display as the network grapples with the news. It appears Justin Sun is leaving Tron in favor of more global pursuits, leaving the Tron crypto price sinking through the morning.
Indeed, Justin Sun will no longer be with the Tron network, which he raised. He is retiring from the project in a personal pivot toward global adoption of cryptocurrency. To accomplish this goal, Sun will become an ambassador from Grenada to the World Trade Organization (WTO).
Sun’s decision to represent the island nation of Grenada is for several reasons. Mainly, he is pursuing this position because his home nation, China, has banned crypto mining and is cracking down hard on transactions of digital currency. Meanwhile, the U.S. is still feeling out regulations of its own. Grenada, on the other hand, is an official English-speaking country with a growing educational system.
Sun says this decision comes after witnessing the success of Bitcoin (CCC:BTC-USD) adoption in El Salvador. Now, he would like to help with the legitimization and mass adoption of crypto in other Latin American countries.
While the market digests this news, it looks like TRX is seeing some instant volatility. The coin is down 9% on the morning; however, with a trading volume of over $2 billion, it looks like transactions are trending upward.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.