Justin Sun, the founder of TRON, has made a significant move by investing $18 million into Tron Inc.. This strategic investment is designed to augment the company”s TRX treasury holdings and bolster its influence within the blockchain landscape.
The investment, executed through Black Anthem Limited, enables Sun to acquire restricted common stock at a price of $1.3775 per share. As of Tuesday, Tron Inc. holds over 677 million TRX tokens, which represent approximately 0.716% of the total supply, valued at over $193 million. This move positions Tron Inc. among the largest corporate holders of TRX, emphasizing its commitment to becoming a pivotal player in the TRON ecosystem.
Rich Miller, CEO of Tron Inc., highlighted the importance of this funding, stating that it will enhance the company”s balance sheet and treasury of digital assets. “This capital will build our balance sheet, our treasury of digital assets, and empower us to create significant long-term shareholder value,” Miller remarked. He also noted that the company is aligning its strategy to capitalize on the growing adoption of blockchain technology, digital payments, and Web3 infrastructure.
Despite the broader challenges in the cryptocurrency market, the TRON network has experienced substantial user growth this year. Reports indicate that it concluded with a record high of 355.4 million accounts, marking a 26.3% increase year-on-year, with more than 240,000 new accounts created daily.
TRON”s Partnerships and Real-World Applications
Recently, the TRON DAO entered into a partnership with Base, an Ethereum Layer 2 network, facilitated by LayerZero. This integration allows users to transfer TRX directly onto the Base network, enhancing interoperability between the two blockchain networks.
Moreover, real-world applications of TRON have surged, with two property transactions in the United States finalized using USDT, all executed on the TRON blockchain. This trend underscores the growing acceptance of TRON”s technology in practical scenarios.
Currently, TRX is trading just below the $0.2800 mark, facing resistance around the 50-day Exponential Moving Average (EMA) of $0.2859. Despite a downturn in the broader market, TRX has exhibited a steady upward trajectory, outperforming many altcoins. Traders are closely monitoring a key demand zone, with expectations that should TRX maintain this base, there could be potential for the price to advance towards the mid-range of $0.33 to $0.34.
Even amid market fluctuations, the momentum surrounding TRX remains robust, showcasing its resilience and the strategic foresight of its leadership.
