Quick setting:
- Tron has proven immune to the continuing sell-off of the cryptocurrency market
- TRX topped $ 0.04, a value last tested in June 2019
- Tron (TRX) has eliminated EOS on Coinmarketcap
- Tron’s bullish climb is the result of investors locking their TRX to mine the Sun (SUN) token
A quick glance at Coinmarketcap reveals that Tron (TRX) is holding its own in terms of price amidst a sea of red. The digital asset is one of the few major cryptocurrencies least affected by Bitcoin’s fall from $ 11,600 to $ 10,460 in the past few hours. The other digital asset in the top 20 still showing earnings is Polkadot (DOT).
According to Coinmarketcap, Tron’s value has risen by 24.8% in the past 24 hours. In the process, TRX eliminated EOS from number 12 with $ 300 million of market cap separating the two digital assets. Below is a screenshot from the leaderboards website demonstrating this fact.
TRX’s bullish push as a result of SUN Genesis mining
On August 30, Justin Sun promised the Tron community a new adventure that he would announce in the days to come. The adventure was revealed on August 31 and was in the form of SUN Genesis Mining. Below is Mr. Sun’s tweet revealing the new DeFi feature on the Tron network.
(1/5) I am pleased to announce that we have decided to launch it $ SUN 🌞 Genesis #Extraction. ⛏️
#SUN🌞, which manifests itself total #Community self-government is a living demonstration of the fusion of cryptography and artistic expression. http://t.co/F7HNajPfQc– Justin Sun🌞 (@justinsuntron) August 31, 2020
SUN is fully managed by the Tron community via open source smart contracts. The launch of SUN Genesis mining was a tribute to Satoshi Nakamoto’s spirit of decentralization. According to the Tron Foundation, TRX holders can participate in SUN mining via the following steps:
… deposit all the TRXs you wish to use in SUN mining on your TRONLink Wallet.
Go to SUN.Market or sun.io, it will connect to your TRONLink account.
Click on Genesis mining.
Enter the amount of TRX you wish to wager.
After betting your TRX for the recommended initial 14 days, you can unlock your TRX and claim your SUN profits.
When Justin Sun made the announcement of a new Tron venture on August 30th, TRX was trading at around $ 0.025. Since then, Tron (TRX) has continued a bullish climb reaching a local high of $ 0.044 just moments ago. The latter price level was last seen in June 2019.
Conclusion
In summary, Tron has continued its bullish rise as Bitcoin and other major cryptocurrencies suffer significant losses. Tron’s upward momentum is the result of Sun Genesis mining that began yesterday, Sept. 2.
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