TRON Transactions Spike, Are Investors Cashing in on Justin Sun’s Exit?

By | December 20, 2021

The Tron Foundation reports an increase in TRX transaction counts based on data from CoinMetrics. Could it be investors cashing in on Justin Sun’s resignation as TRON CEO?

Data from CoinMetrics suggests that transactions on the Tron blockchain have outperformed those of EOS, ETH, XRP, NEO, LTC, ADA, and DASH, which could suggest increasing utility.

Recall that on December 17, Justin Sun reported his resignation as TRON CEO to become Grenada’s WTO Ambassador. The TRON Foundation will also be disbanded on July 25, 2022. The crypto entrepreneur also stated that the three supernodes associated with it, “justinsuntron,” “BitTorrent,” and “µTorrent,” have officially withdrawn from TRON representatives as the community. TRON will now be run by 27 super representatives.

Super Representatives play a key role in governing the TRON community by ensuring core functions such as block generation and accounting while receiving corresponding rewards.

According to Tronscan, any account can run 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 from 28 to 127 they will become Super Partners.

Super Reps generate locks, package transactions, and earn rewards for locks and voting. Each Super Representative also has the right to initiate a Proposal. A fee of 9999 TRX is charged when users apply to be SR candidates.

Are Investors Profiting From Justin Sun’s Exit?

In the last 24 hours, the whale watch website Whale alerts reports tranches of large TRX transactions. The most recent was 75,186,300 TRX, worth almost $ 5,867,895, transferred from Binance to a mystery wallet.

The rush to control one of the largest open source blockchains appears to continue after the resignation of Justin Sun. At press time, TRX was changing hands at $ 0.0726, down 3.26% on the day. Tron is ranked 25th largest with a current market capitalization of $ 7.95 billion, according to data from CoinMarketCap.


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