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Muhammad Ali Hassan

Ripple’s Marcus Treacher Bashes Facebook’s Libra Project

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Earlier this week, a senior member of Ripple executive committee, Marcus Treacher said that Facebook’s Libra project is just like a ‘walled garden,’ meaning it’s just a closed system.

Facebook’s crypto project Libra has picked up a massive hype not only in the crypto world but also outside the crypto sphere. The social media giant is positioned as a top brand in the world, and due to its popularity, Libra has automatically gained limelight too.

However, in an interview to CNBC, Ripple’s senior vice president for customers success, Marcus Treacher told that Libra is nothing more than a walled garden. This reflects the critical opinion of the Ripple’s executive on Facebook’s upcoming crypto.

Even though Libra has already been so much hyped, it has also faced a lot of criticism from different financial regulations and governments. The reason is that governments are not sure about the potential consequences of Libra; its legality and utility are still a question mark.

According to Ripple’s executive, Libra has to rely on its astrological sign, and it may predict what’s coming in the future for the Facebook crypto project. The social media giant presented the idea of Libra token that will be directed by the Swiss-based organization known as Libra Association. The Swiss-based firm is already in collaboration with top payment firms, including Visa, PayPal, and also Uber.

Facebook’s Libra will be attached to the user deposits in fiat currencies, the same as the USD. These currencies will be held in a digital vault called the Libra Reserve.

The Ripple executive Treacher added that Libra is more like a closed system based on a traditional culture just like Apple and Facebook itself. The reason for this is the way it controls its network through software and applications. He also said that unlike Libra, Ripple is not a walled garden, and is a modern world technology that’s set to thrive the traditional payment system. Treacher added on Libra:

“Yes, it’s a network, but it has no parameter. It connects with all of the players that want to use the technology.”

Ripple has already made a massive impact among the crypto world and has spread its roots across top financial institutions and banks all over the globe. The Fintech firm provides the solution to the real-time problems of payment systems.

Interestingly, Treacher also had a favorable opinion about Facebook for entering into the blockchain world. A Silicon Valley giant integration to the crypto world is a positive sign, despite that it has alarmed different governments as can be a severe threat to their currencies.

Facebook is not yet sure about the launch date of its cryptocurrency, Libra. The CEO of the social giant, Mark Zuckerberg, has mentioned that the launch of the Libra project is not yet confirmed any time soon, claiming that it may not take place in 2020. In another news, a meeting was held between global regulators and Facebook on September 16, as the company’s COO, Sheryl Sandberg is set to testify before the U.S. Congress to discuss on Libra.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Stellar price nosedives as 35,000,000 XLM tokens get transferred to Kraken

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Yesterday, yet another massive crypto whale has moved almost 2,657,342 USD worth Stellar Lumens (XLM) from an unknown wallet to Kraken cryptocurrency exchange.

The crypto community has got much familiar with such whale movements in the recent past. Specifically, XLM and XRP whale movement volume have been higher as compared to other digital assets in the market.

The Whale Alert account on Twitter reported that around 35,000,000 XLM very moved from an unknown wallet to Kraken Exchange. The transaction was recorded today on Friday, 20th September at 12:04:14 UTC. Further things to note in the transaction are as follows:

Blockchain: Stellar

Type: Transfer

Amount: 35,000,000 XLM (2,657,342 USD)

Hash: 4e081c0f5d06fb1b8b15a7877953c81176950266a95565f09d375bd120932ae4

From: GD3WCAP6TJNWTSYIZR2A34FDHU55QY3JFSZGJMWHBZLCZCM5EL3EFROZ (Unknown)

To: GA5XIGA5C7QTPTWXQHY6MCJRMTRZDOSHR6EFIBNDQTCQHG262N4GGKTM (Kraken Exchange)

With such massive movements in the last week, XLM has badly plunged. About six days ago, the same kind of whale movement was recorded where 260,000,000 XLM (USD 15,008,070) got moved from unknown wallet to Kraken Exchange.

After picking up a massive bullish movement earlier this week, Stellar (XLM) surged from around $0.059 to $0.085 after seeing a significant rise in its price. During that time it jumped up from 12th spot to the 10th place.

However, after the recent whale movement, XLM hasn’t been able to tackle the market situation, and as we write this, it has dropped by 7% in the last 24 hours. Currently, XLM is trading for $0.072 with a market cap of $1.4 billion.

Most of the times, these whale movements are not a pleasant sight for investors, as they think that the assets price is being manipulated. As a matter of fact, it is not wrong that some exchanges and some other prominent players in the market have been held responsible for manipulating volume data to enhance their growth rate and network.

To attract more users, exchanges, and crypto trading platforms make such moves which increase their trading volume. To publicize and promote their platform, such movements are made, and that becomes a part of the marketing strategy to semblance their platform being a more popular and preferable network over its competitors.

There needs to be a solution of such activities and crypto community is the one that needs to come up together as one unit to make sure that they safeguard the rights of the assets they hold.

Stellar, the blockchain platform that runs the crypto asset XLM, needs to find a solution to this issue and take its investors on the same page and clarify their ambiguities. However, analysts believe that in big markets where there are opportunities to earn big, massive flaws exist, too. Whale movements generally harm the market performance of a digital asset.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Western Union doesn’t need Ripple when they have Earthport

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Western Union, one of the world’s leading payment service providers, has been in talks with Ripple over some time. Last weekend, a prominent crypto analyst mentioned on Twitter that, WU doesn’t need to integrate Ripple when they are using Earthport. And, his claim seems to hold substantial weight.

Before we move any further with the story, it’s worth noting that Western Union has been doing a test with Ripple and a couple of months back WU CEO, Hikmet Ersek said that they are still working with Ripple and learning from it.

Ripple has influenced a lot of financial institutions with its revolutionizing technology. Moneygram’s adoption has added significant value to the American Fintech firm. With several top banks using Ripple’s services, Western Union has always been interested in integrating Ripple, and it tested Ripple’s product (xRapid).

Officials from the blockchain firm mentioned regarding a potential collaboration with the money transfer giant, it said:

“We continue to test different products with Western Union. We are excited about this new partnership and our participation in a pilot implementation of xRapid. As many know by now, the xRapid product uses XRP in settlement flows.”

The world thought that Western Union is going to integrate Ripple, but things changed when WU CEO in the recent Brainstorm Finance 2019 conference changed his tone and said that they are providing the service even cheaper than Ripple (almost five times low). Ersek made sense, and he was logical. However, he didn’t neglect that they have stopped working with Ripple as he added:

“I’m open, any cost savings, any innovation. I’m there. We can sign a deal tomorrow.”

Despite all these uncertain circumstances, the thing to notice is that Western Union is using Earthport, a Fintech firm being regulated under the UK’s Financial Conduct Authority (FCA). Earthport is currently providing cross-border services across 88 countries.

A brief look into Earthport makes things very interesting. Back in 2015, it partnered with Ripple, and in 2016, the fintech firm announced its Distributed Ledger Hub. It then made the first cross-border payment transaction through the Santander bank UK (again a Ripple partner), which made it the first DLT service to be provided to a UK bank for the cross-border transaction.

Now Western Union is using Earthport, which indirectly leads it to Ripple, and makes a connection between them substantially. However, who knows in the coming time Western Union may settle down with Ripple directly, and end up in a potential partnership just like Moneygram.

If Western Union goes on to announce a collaboration with Ripple in the future, it would be a massive breakthrough for the blockchain firm. Having the two biggest money transfer giants in the pocket could lead it to the pathway of new heights in the remittance world.

In case Western Union announces to stay away from Ripple, it would not have a massive impact on the Fintech firm, as it is still popular among banking world and almost all top banks and financial institutions are using its products in some manner.

Moreover, as the blockchain technology grows and makes waves into the masses, Ripple will more likely bring innovations in the industry. And that is where it has the edge over all the firms providing cross-border services. In the end, blockchain technology is the one that will make a difference.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Bitcoin Can Be Used to Pay UBI Bonuses: U.S Presidential Candidate

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It adds to the value of Bitcoin in moral regard when someone like Andrew Yang, a U.S. Presidential Candidate for Democratic Party says a positive thing about Bitcoin.

In a recent interview to a famous YouTube Channel, Nigahiga, Yang presented the concept of Universal Bitcoin Income. The U.S presidential candidate believes the Universal Basic Income model can develop into the Universal Bitcoin Income model. If that happens, it will eventually make BTC the underlying currency of the corporate world, where these big companies deal with their finances in Bitcoin.

This concept of UBI is very antagonistic because most of the governments don’t want Bitcoin to rule over fiat currencies. Yang has a different opinion on BTC as compared to his opponent, the current U.S. President Donald J. Trump. So, in the upcoming 2020 Presidential campaign, we will see two different mindsets, one against Bitcoin and the other in favor of Bitcoin.

If this idea of Universal Bitcoin Income works and gets implemented on a large scale in future, then it will be a significant achievement for the crypto world — and of course, Yang will be remembered as an iconic figure among the crypto enthusiasts.

Andrew Yang is Optimistic about Bitcoin and Crypto in General

If Yang becomes the President of the United States, we would probably see massive developments in the blockchain and crypto industry. Trump’s opponent has already presented his motto to utilize the technology (Bitcoin) in real-time usage.

Yang is very much positive with the modern technology and believes that instead of getting rid of it, we must find a positive solution to it and utilize it n a positive manner, and fulfill the objective of that technology for what purposes it was invented. He believes blockchain is a great innovation. Talking further on this topic, Yang linked the financial system of corporations with the UBI concept and said that it must be paid in BTC in the future.

In a Democratic debate in Houston, Mr. Yang announced that he would be giving away a dividend of $1K to almost ten families each month. He suggested that these payouts may be given in Bitcoin rather than the USD. Questions are being raised that this freedom dividend campaign maybe against the campaign finance laws.

However, the debate is that Bitcoin’s implementation in real-world is an essential priority for Yang, and this could be a significant breakthrough for the crypto world if Trump loses the next elections.

This is an excellent sign for the crypto community of the United States as at the moment, the President is not a big fan of cryptocurrencies, and different bills are being observed against cryptocurrencies. Yang will have the support of the crypto community of the U.S., and as his incentives are very attracting for crypto users, he will have all the votes in his bank. Let’s see what further plans of Mr. Yang are and how he attracts Americans towards this UBI concept.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Binance and Paxos Stablecoins about to Get U.S. Regulatory Approval

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As stablecoins are getting popular among the crypto world, we keep seeing new stablecoins coming in the market almost every week. In the past few weeks, two new stablecoins have emerged; the first one got launched by Paxo’s gold-backed Ethereum token, PAX Gold (PAXG), and the other one by Binance, BUSD that is backed by the U.S. Dollar.

As technology keeps evolving, different solutions have been presented to counter several problems that were occurring in the crypto sphere. Stablecoins are the solution to the volatility of the market as these digital assets are pegged with fiat currencies or any other asset.

About a week ago, Binance in collaboration with Paxos announced that they are going to launch a stablecoin backed by U.S. Dollar, BUSD. Paxos has already created such other stablecoins including, TrueUSD (TUSD), Gemini Dollar (GUSD), USDCoin (USDC), and also the Paxos Standard (PAX). All these Paxos developed stablecoins have received clearance from the regulatory authorities of NYDFS.

Paxos will be the custodian and issuer of BUSD tokens. An auditing process will take place each month and users will need to complete KYC while buying the token from Binance or Paxos. Binance with time has grown into a global network and it is one of the trusted crypto networks in the market. This collaboration is a new step towards bringing stability to the crypto world.

Paxos is an international crypto-asset firm that announced the release of its PAX Gold token, not too long ago. The firm affirms that its latest stablecoin project will be the first among crypto assets to redeem their token against the physical gold. Moreover, the U.S. regulatory, NYDFYS (New York Department of Financial Services) has received a regulatory nod of approval for the stablecoin PAXG.

If PAXG receives approval from the regulatory authority, it will be their first gold-backed crypto that will be available for trading to New York residents.

The Paxos gold tokens, each will be backed by one fine troy ounce of gold from London Good Delivery. The gold will be stocked across hidden cells all over London and if the users would have any concern regarding their assets, they would have the option to have complete control over their assets (gold) that will be linked with their holdings. Moreover, the users will also be allowed to move their tokens like any other ERC-20 based crypto.

These features give an edge to PAXG and make it a lot easier for users to have access to their assets (gold) without any sort of hurdle. As PAXG is being run by the Ethereum blockchain, it can be traded all over the world in nanoseconds.

The U.S. government has raised concerns over several cryptocurrencies and they are almost about to ban Veneuzulean crypto, Petro. If in such an atmosphere PAXG and BUSD receive a green signal from the U.S. regulatory authorities then it will be a good sign for the crypto market and crypto users of the United States.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Donald J. Trump Banning Cryptocurrencies, is it a Rumor or What?

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Back in March 2018, President Donald J. Trump signed an executive order which was presented to ban the Venezuelan cryptocurrency. As per the updates, that order is about to change into a law. This decision from the United States government has raised concerns for other digital assets in the market. Now to what extent this decision will have an impact on the rest of the crypto world?

Since their emergences in the world, cryptocurrencies have disrupted many governments. But, is Trump really looking to ban Bitcoin and other cryptos?

The 45th U.S. President has addressed on several occasions that he is not a fan of Bitcoin and cryptocurrencies. Regarding Facebook’s Libra project, Trump said that Facebook and those companies working on blockchain and cryptocurrencies should adopt the banking regulations to enter the banking world.

He added that if these companies want to become a bank, they should follow a banking charter. Basically, Trump doesn’t wish to cryptocurrencies to be decentralized, which is totally against the concept of digital currencies.

According to Jason Brett, founder of Value Technology Foundation, a research company working on blockchain, around 20 bills related to blockchain are under consideration by the U.S. Congress. However, among all those bills, just one is impending, which may concern the crypto users.

In the executive order, it was mentioned that the U.S. nationals and organizations would be banned from holding, trading, buying, and spending Venezuelan crypto, Petro. The Senate bill 1025 is set to be approved by the U.S. government, maybe on the coming Monday (tomorrow). After the approval of the bill by Senate, the executive order signed by the President will become a law.

If the bill gets approved, Petro will be the first crypto banned in the U.S. This news has already attracted U.S crypto users, and it is a severe concern for them, as the government can go on to ban more cryptocurrencies in the country. Brett added:

“The implications for this are huge because it could be bitcoin or some other cryptocurrency inserted into this language, we’re talking about a road map for how to ban a particular cryptocurrency.”

The area of concern is that there are already 20 such bills pending, and if those bills go through the same process, it may change the scenario of the crypto industry for the U.S. users. Since Trump signed that executive order, more cases are being heard related cryptocurrency issue.

Moreover, in the last week alone, Congress hosted crypto-related meeting thrice. As the crypto adoption in the U.S. keeps increasing, the government looks more concerned to handle all crypto-related issues.

For now, the users have to wait for the next move from the US government and what plans Trump has for cryptocurrencies. But for now, the bottom line is that Petro may get banned soon, whereas rest of the cryptos fall under banning radar.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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XRP Liquidity Index surpasses all-time high at Bitso as Ripple coin crosses BTC in MXN volume

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Yesterday, the founder of Bitso, a Ripple’s xRapid powered crypto exchange based in Mexico, confirmed that XRP liquidity index had surpassed all-time highs.

A prominent XRP community member on Twitter, Xrpcenter first shared this news and later on Bitso founder, Daniel Vogel confirmed that xRapid is flowing nicely through Bitso, and has surpassed the maximum level of liquidity of all time. Bitso has been a critical player at helping with XRPL decentralization and implementing XRP products.

xRapid

Ripple’s xRapid is one of the most prominent products of the blockchain firm that uses XRP as a core for making transactions. So far, xRapid has made a massive impact, and its utility is growing swiftly. Previously officials from Ripple have confirmed that more than 20 financial institutions are using xRapid. With Bitso being one of them, xRapid is positioning very well in the market. As its adoption is increasing day by day, it will have a significant impact on both Ripple and XRP.

The most friendly and promoted exchange for Ripple (XRP)

Bitso has been primarily supported, and the XRP community has responded very well. Bitso allows trading XRP at a low fee and quick transfer alternative for moving funds. XRP surpassed BTC as the most traded fiat pair on the xRapid-enabled Bitso exchange. However, as we write this, BTC/MXN have again jumped back to the 1st spot as XRP/MXN trading volume has just fallen behind BTC/MXN.

As the crypto industry continues to develop and grow, Ripple keeps stamping its authority and is attracting more investors with every day that passes. Ripple is working hard to solve real-world solutions to outdated systems, and that shows itself by seeing how much they are working with regulators and banks.

Ripple’s product is being used at various institutions, and the banking world has already admired it. Crypto analysts believe that the growth of xRapid will give a significant push to XRP in coming time.

Crypto industry is still new, and patience is needed in this game. This is once in a lifetime opportunity for the investors. Remember many didn’t believe in Bitcoin at first and made the mistake of not buying BTC when it first showed up. So, investors need to be aware of this aspect and do not make that same mistake again. Taking Ripple’s tech and team into consideration, Holding XRP is the option to go with.

Bitcoin overall is still dominant, but things are steadily changing, and Ripple’s XRP seems to be going in the right direction. Although it’s only one corridor, it starts somewhere; previously surpassing ETH in the market has shown that XRP has the potential to get bigger.

Yes, BTC is still by far the leader in terms of liquidity and widespread adoption, but the XRP community needs to believe in their ‘choice’ and stay patient. At least that what we think as things stand.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Lesser Users are Sending Bitcoin to the Top Cryptocurrency Exchanges

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A recent report by Bloomberg mentions that only a small number of users have been sending the Bitcoin (BTC) to the largest crypto exchanges in the market.

The crypto market has gone through thick and thin in the past few years, and the volatility of the market hasn’t been able to affect much on the cryptocurrency users and investors during this time. However, with the emergence of new exchanges, the competition has increased, and big exchanges have more competitors in the market. So, users have more alternatives to opt for trading, which provide them with better services.

According to a report by TokenAnalyst, a crypto data tracker affirms that lesser crypto users have traded Bitcoin on the major exchanges. The study found that since the price of Bitcoin skyrocketed back in 2017, the number of unique addresses has declined that used to send BTC across various crypto exchanges — specifically the big exchanges including Bitfinex and Binance.

The metadata describes that the trading (sending) volume of Bitcoin on Bitfinex has been at a two-year low, while on Binance, the world’s largest exchange by volume, the trading volume has dropped to lowest after early 2018.

One reason for the lack of sending Bitcoin can be due to the emergence of new crypto assets (or maybe some other reasons). The co-founder of TokenAnalyst, Sid Shekhar, stated that the lack of retail interest in general in crypto is one reason that users are not using Bitcoin much now.

Some data collected from other studies also show that Bitcoin exchange trade volume has fallen down and has come at its lowest point since May. As per the stats shared by blockchain.com, the trading volume on different exchanges has been dropping since early 2018. Another tracker, Similarweb stated that Bitcoin is trading at the lowest volume in the last four months.

However, certain aspects are tricky to understand about cryptocurrency. Due to the feature of anonymity that cryptocurrency possesses, it is challenging to locate the data of these assets. According to Chainalysis, the on-chain transaction activity of Bitcoin has almost increased 4X more this year, after BTC touched the highest price mark since 2017, as the bull run ended in June.

Previously the stats also show that Bitcoin has never been the most used crypto for real-time usage, even Dogecoin (DOGE) has been ahead of BTC. According to another survey by Foundation of Interwallet Operability mentioned that among all the crypto holders of Bitcoin only 11% of them made a trade or payment, each transaction being followed once or twice a week in the entire year.

Exchanges need to improve their services to gain user loyalty. Bitfinex and Binance, both of these exchanges, have laid out a broader availability of margin trading, through which users will be able to borrow funds to speculate. It’s evident that the more services an exchange provides, the more users will be satisfied and use its services frequently.

Indeed, more than Bitcoin, the exchanges have more interest in trading because that’s where they earn and make retained earnings. Exchanges need to shape up a better network that is more user-friendly and lie precisely on the perceived value of their user or trader.

As more exchanges have entered the market, so the competition has grown, and users have more alternatives. The big exchanges need to come up with a user incentive policy that helps them to sustain and increase these trading volumes.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple Moves 500 Million More XRP Tokens from its Escrow Wallet

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In the latest crypto whale movement, Ripple Escrow wallet has transferred 500 million XRP tokens to the Fintech company. Ripple has been primarily involved in these whale moves and moved a massive amount of XRP in recent times.

The Whale alert account on Twitter gives the information on these crypto whale movements and keeps the crypto community informed regarding different crypto whale moves in the market. In a recent tweet, it mentioned a movement of worth $130,130,714 to Ripple from the Ripple Escrow wallet.

As we can observe in the past few months, Ripple has had a negative influence on XRP’s price with these gigantic transactions. Notably, in the past few weeks, we have seen millions of XRP coins been moved from and to Ripple.

On August 30, Whale alert mentioned a movement of XRP coins of a similar scale worth $132,446,488 from Ripple to an unknown wallet. A much bigger movement was noticed on Sep 1, when Ripple received 1 billion XRP coins from Ripple Escrow wallet. However, regarding the recent transaction made on Sep 3, here are some key points to look up to:

Type: Payment

Time (UTC): 2019-09-03 04:45:10

Ripple Sequence: #30

Ripple Delivered amount: 500 000 000 XRP

XRPL fee: 0.0005 XRP (500 drops)

Source: rDdXiA3M4mYTQ4cFpWkVXfc2UaAXCFWeCK (Ripple Escrow Wallet)

Destination: rsjFB8mPWqiZgPUaVh8XYqdfa59PE2d5LG (Ripple)

Back in late 2017, Ripple Labs published a whitepaper in which the US-based blockchain firm informed that almost one billion XRP would be released every month. And the process would continue for the next 55 months, which is expected to end in mid-2021 so still, there are millions of XRP coins to be moved in the future.

Community shows no support to Ripple on the matter

The community seems to be sending no cooperation signals to the US-Based blockchain firm, again, as many responding by harsh comments. One XRP community member who goes by the XRP_Dan on Twitter said,”

“Pay day for Ripple team.”

Ripple claims that this is a routine process that takes part in each quarter. However, the constant process of massive Whale movements has turned the XRP investors against the Fintech company, and they have already created a petition on Change.org to record their protest against Ripple.

This is a severe concern for Ripple, and they should address the XRP investors regarding the whole scenario or instead, it could lead the investors to move out of XRP.

The exciting thing this time is; however, the movement took place earlier today (3rd Sep), and as we write this, Ripple’s XRP stands in green. It trades at $0.259 with the price having surged up to 1.54% in the last 24 hours. One positive thing to notice in all this scenario is that XRP’s volume has been continuously increased since the start of this month, and currently, it has a volume of over 1 billion.

Ripple and XRP are both promising entities that are looking forward to contributing to this modern technology. Brad has claimed that Ripple will soon clear this FUD among the XRP investors, as the company is soon going to inform regarding all this scenario and is going to take the investors into satisfaction.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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A Veteran Crypto Analyst Accuses TRON CEO of Buying Twitter Followers

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The CEO of blockchain start-up Tron has been a very active crypto founder on Twitter. Justin Sun stays in contact with Tron users extensively, and the cryptocurrency community through his Twitter account. Yesterday, a famous crypto trader Josh Rager accused him of buying 5000 to 6000 twitter followers daily.

Twitter is one of the biggest social media platforms that is being used by thousands of firms and individuals to promote their businesses and products. Similarly, cryptocurrency start-ups are primarily attracted to Twitter, and it is an excellent place of attention for crypto enthusiasts.

Justin Sun’s account has proliferated over the short time, and rumors have taken place that TRON’s CEO has been buying followers on Twitter. With heavily criticized by crypto users online and even TRX users, Sun hasn’t developed a decent image at all. As it seems, making big announcements with no surety has hurt the image of the owner of Tron. And this could be a reason that analysts and crypto users are accusing Sun of buying followers on Twitter.

Mr. Sun remains one of the most prominent figures on Twitter representing crypto and blockchain technology with full enthusiasm. However, the question arises that are most of his followers fake, or is it just a rumor?

Yesterday, during the announcement of Tron Virtual Machine’s first-anniversary celebration on Twitter by Justin Sun, a famous crypto trader and co-founder of blockroots.com, Josh Rager replied to Sun’s tweet saying that the CEO has been buying Twitter followers. Not only he accused Sun of that, but he also displayed a chart and explained it with stats that how Sun has been increasing his followers.

The famous crypto trader and analyst, Rager mentioned that it looks like that the followers are increasing by a margin of 5K to 6K each day. The crypto trader made a harsh statement about Justin Sun as he said: “I feel sorry for Tron investors.”

As per critics, the critical aspect that looks to turn these allegations into reality is that Sun hasn’t responded to the claims. And that’s what makes it questionable that TRON’s CEO may be rigging with Twitter followers.

Few users on agreed with the Rager’s opinion; however, others disagreed to this and mentioned the rise of followers is just typical behavior of crypto network that users (followers) come and go. Few claimed the increase in the number of followers is because of the number of transactions being sustained on the Sun-led blockchain.

Justin Sun may be hated for many reasons, but still, he is one of the prominent crypto figures, and his network Tron is a widely known crypto ecosystem. Currently, he has a followership of almost 1.7 million, one of the top followed crypto figures on social media. Let’s hope Sun comes up with an explanation on this and clears the FUD around Tron, which looks to be a tough task for him right now.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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