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Tron [TRX] blockchain occupies 2% of all existing USDT supply amidst falling prices, market cap

Namrata Shukla

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Source: Pixabay

Tron has been in the company of the bear for a long time, something which the Tron Foundation expected to change with the launch of Tether [USDT] stablecoin on Tron blockchain. However, that did not happen. Tron’s Founder and CEO, Justin Sun, found a reason to cheer the community as Tron managed to occupy 50 million out of the total 2.5 billion USDT in supply, while also announcing his goals for the upcoming quarter.

Source: Twitter

Source: Twitter

The announcement that Tron was behind 2% of the existing USDT supply prompted the CEO to set a goal to surpass Ethereum and achieve 10% of the total USDT supply. He also claimed that Tron will achieve 50% of USDT by 2019. However, this news was not well received by Tron holders.

Many holders expressed concerns about the falling price of the token and its volume. Twitter user @7_bitcoins commented,

“Maybe investors need some price improvement instead of words and promises.”

The user also reminded Sun that competition with Ethereum will not help Tron. Twitter user @matthewjura said,



“Looking at the developments and amount of jobs for ethereum devs will not make it easy for Tron..”

According to CMC charts, over the past three months, Tron peaked in value at $0.0313 with a market cap of $2.08 billion on April 8, following which it began falling.

Source: CoinMarketCap

Source: CoinMarketCap

The USDT launch on April 18 did not help the cause either, as the token was valued at $0.0270 with a market cap of $1.80 billion. At press time, Tron was valued at $0.0251 with a market cap of $1.68 billion. Over the past seven days, TRX plunged by 7.10%. However, it managed to register minimal growth of 1.05% over the past day. It registered a growth of 0.54% within an hour with a 24-hour trading volume of the coin being $341.37 million.





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HitBTC responds to allegations of insolvency, refutes claims made by Redditors

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HitBTC responds to allegations of insolvency
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HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:



“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”





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