TRON Market Update: Justin Sun pumps TRX with new meme coin

TRON gains over 14% on a day-to-day basis after Sun's announcement.
TRX/USD trend is bullish as long as it stays above $0.0270.

Tanya Abrosimova Independent Analyst

TRON (TRX) is now the 14th largest digital asset with the current market capitalization of $2.1 billion. The coin has gained over 14$ in the recent 24 hours and hit the intraday high at $0.0308, which is also the highest level since August 18. At the time of writing, TRX/USD is changing hands at $0.0300 with a bullish bias.

Justin Sun pumps TRX with SUN coin

TRON's Founder Justin Sun announced the start of the genesis mining of SUN coin. According to the post on Medium, the project will be community-driven and will allow users to earn staking rewards.

Designed as the quintessential Bitcoin equivalent on the TRON network, SUN features zero venture capital (VC) investments, zero private equity investments, no pre-mining or reserves for the team, and is wholly operated by the community through its open-source smart contracts. We want to build SUN into a grand social experiment while paying tribute to the spirit of decentralization as advocated by Satoshi Nakamoto.

TRX holders will be able to stake their coins starting from September 2 and receive high rewards (starting with a 10% bonus) on special conditions until September 14.

Simply stake your $TRX into the smart contract address of the Genesis mining pool in the official website http://sun.market to take part in the initial mining of SUN. In 14 days, the smart contract will refund all assets back to users’ accounts, charging no handling fees.

The news has potentially served as a bullish driver for TRX. When users stake their coins, they basically leave them locked, which reduces the total available supply and pushes the price higher.

TRX/USD: The technical picture

On the intraday charts, TRX/USD is moving within an upside trend. The local support is created by the psychological $0.0300, though the trend remains bullish as long as the price stays above $0.0270. This barrier is created by 1-hour SMA50. Once it is out of the way, the downside correction is likely to gain traction with the next focus on $0.0250 (1-hour SMA200).