Research: “Justin Sun’s pre-announcement on average pushes the price of Tron (TRX) up by roughly 23%”
What you'll learn 👉
How effective are Justin Sun’s marketing gimmicks?
In a well-researched essay on marketing stunts pulled by Tron’s founder Justin Sun, TheBlock dug out some interesting findings. After introducing Sun and his reputation of a world-class announcer of announcements, the author drops couple of value research bombs on how Sun’s tweets influenced the price movements of TRX:
“Examples of these pre-announcements include tweets like the following:
The above tweet alone pushed the price of TRX up nearly 129%, based on the comparison of the asset’s closing price a day prior to the pre-announcement and its highest price on the day of the pre-announcement¹. It should be noted that based on the small sample size we collected, it is difficult to draw a strong conclusion on the average and median price movements based on Sun’s, say, creative marketing. However, out of interest, we ran the numbers. Based on the data we collected, Sun’s pre-announcement on average pushes the price of TRX up by roughly 23% and the median price move of TRX is up roughly 6%. From the results alone, it appears that a pre-announcement has a positive impact on the price of TRX, if we measured the asset’s prior closing price against its highest price on the day of a pre-announcement.
What is more interesting, however, is the price dump at market close for TRX on the day of a pre-announcement. By comparing the closing price of an asset prior to a pre-announcement and the closing price on the day of a pre-announcement, we found that assets gave an average return of -10% and a median return of -11%. That is to say, if an investor invested a dollar in TRX at its highest price on the day of pre-announcement and sold the asset at its closing price their dollar would be worth $0.90 and $0.89, respectively.”
Have a look at the current Tron price or Tron price prediction for 2019 & 2020.
“Blockchain Needs Nurturing”
As EthereumWorldNews reports, Tron’s successful development has allowed the Tron Foundation to conduct various charity events. Recently, the Tron Foundation donated 3 million dollars to the Binance Charity Foundation, to promote projects that create meaningful solutions in the area of global sustainable development. In this regard, Sun said:
Blockchain is a collaborative environment; it needs nurturing. We were thankfully in a good financial position to serve as an example to others that long-term thinking and support is what’s needed to boost the industry in general.
Sun still taking digs at Ethereum
After Consensys’ news regarding the possible lay-off of as many as 50 to 60% came out, Justin Sun, the Founder and Chief Executive Officer of Tron Foundation asked the employees of the company to send in their resumes and spoke about the progress of his organization, reports AMBCrypto.
Sun Tweeted saying:
“Everyone in @ConsenSys and @ethereum please send your resume to us-recruiting@tron.network and embrace your new opportunity! You are mostly welcome to join our fast-growing and well-funded #TRON family. #TRX $TRX #ETH”
SR wallet hacked
Tron SuperRepresentative Tron-Europe is one of those SR’s that were completely community-built. While this can be useful for decentralization, there is a possibility that a malicious player will join the community and compromise the effort. And it would appear that this is exactly what happened with the mentioned TRON SR.
A post on Tron Europe’s Medium blog revealed that one team member got into some controversy lately. After reporting that he was robbed, the rest of the team removed him from his position on Tron Europe. However, it would appear that he managed to acquire the private key of Tron Europe’s SR wallet and has ever since been syphoning funds into his personal accounts.
“These thefts had the consequence that the Rewards were sometimes distributed delayed in the recent past and Dirk Frank, Founder of Tron Europe, had to pay these Rewards with his own, private money,” explains the project.
As such, Tron Europe have decided to change their SR wallet address and have posted the new address in the announcement. Promising to double the rewards in the upcoming 3 days, they added that payments to the old wallet will stop. Also, the new name of the project will be SR-TRON-Europe, and not the previously used Tron-Europe.
