TRON (TRX) and IOTA Hold Firm Amid Dip; Justin Sun Taunts Ethereum
TRON (TRX) held steady leading into Saturday morning while most else around it fell. The coin managed to hold on to most of Friday’s 33% gains as volume continues to enter into the TRX market.
Of the major altcoins, IOTA (MIOTA) also fared well overnight, gaining 9.2% on its value while its trade volume more than halved.
Meanwhile, Justin Sun took the opportunity to take a customary jab at Ethereum in the wake of the news that ConsenSys – the Ethereum startup incubator – is set to lay off 60% of its staff.
TRON Price – TRX/USD
The TRX price did take a large fall from Friday’s peak – hitting $0.018693 after topping out at $0.022546, but that fall was reversed towards the end of the Asian trading session and TRX surged to a 14.2% rebound.
That was enough to return TRX to the $0.021392 mark, helped in no small part by the 22.5% of daily trades from the TRX/KRW market out of the daily total of $318 million. That’s a 536% increase on the $50 million average from just over two days ago.
Remarkably, TRX volume is surging while global departs en masse. Since yesterday alone global trade volume shave fallen by 30%, and nearly 40% since Friday morning’s peak – falling from $29 billion to $19 billion. Still, it looks like TRX is taking its turn to pump before volume departs completely.
IOTA Price – MIOTA/USD
IOTA recovered 9.2% of its value overnight, climbing from a coin price of $0.318663 up to $0.348163, almost returning to the $0.349994 peak it struck on Friday morning.
Unlike TRX, volume is leaving MIOTA quickly. In the last twenty-four hours MIOTA trade volume more than halved, from $29 million to $13 million. That’s either a very promising or very ominous sign, depending on how you look at it.
One of the few altcoins to have large exposure to a USD market, over 25% of IOTA’s daily trades came straight from the MIOTA/USD pair on Bitfinex. Bitfinex also offers GBP and EUR markets for IOTA, and they saw over half a million dollars worth of MIOTA change hands.
Justin Sun Jabs at Ethereum
Replying to the news that Ethereum startup incubator, ConsenSys, would have to lay off 60% of its staff due to the market downturn, TRON founder and CEO, Justin Sun, offered a life-raft to the unemployed staff, while also pouring salt on Ethereum’s wounds. Sun tweeted:
“Everyone in @ConsenSys and @ethereum please send your resume to [email protected] and embrace your new opportunity! You are mostly welcome to join our fast-growing and well-funded #TRON family.”
Sun has made no secret of his intention to lead TRON past Ethereum in the future, and such competitive jabs have become a common fixture of the crypto-CEO twittersphere.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.