In his latest stunt, Sun boasted that Tron would be back in the top 10 cryptocurrencies in June, and that BitTorrent would be among the top 30 cryptos in Q2 2019. Moments later, the price began to pump.
— Justin Sun (@justinsuntron) May 7, 2019
Is Sun Manipulating the Price?
Following Sun’s hyped infused tweet, the price of Tron (TRX) experiences a price pump immediately after the tweet while other leading cryptocurrencies are in a sea of red.
This begs the question, is Sun manipulating the price of Tron with not only hype-stirring tweets, but with his own capital as well?
After all, it’s no secret that Sun is drowning in money. First, he founded Tron, which at the peak had a market cap of over $16 billion. He then went on to buy BitTorrent for $140 million, which he turned it into a money-making machine by launching the BitTorrent token (BTT), which now has a market cap of over $130 million.
While Sun has an abundance of money, no one can say for sure that he is using it for price manipulation. This idea is pure speculation.
Moreover, in response to Sun’s tweet, the top comments were from Twitter users calling him out for his shady marketing tactics. One commenter responded that TRX and BTT will only accomplish these goals if there is a coin burn, which is an event where a portion of crypto is destroyed forever, thus reducing the supply and increasing the price.
What do you think about Justin Sun and his hyped up marketing tactics? Let us know what you think in the comment section below.