Tron Prices Rise as CEO Justin Sun Admits He Invested in Poloniex

Exchange Justin Sun Market Tron
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Tim Alper
Author Categories
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

Tron (TRX) prices are up on the news that the company’s CEO Justin Sun is indeed an investor in the Poloniex exchange, which started accepting limit orders for TRX/BTC, TRX/USDT and TRX/USDC yesterday.

Justin Sun. Source: Twitter, @justinsuntron

Hour-by-hour Tron rates were still in the green at 6:10 UTC, with 24-hour prices above the +1.5% mark, while almost all the top 10 coins are in red. Tron still sits just outside the top 10 coins per market capitalization, however, behind tenth-placed token Stellar – despite a monthly price growth rate of over 17%.

TRX price chart:

Source: coinpaprika.com

In a live-streamed video hosted by Poloniex, Tron’s Justin Sun stated, “I don’t own Poloniex […] but I am one of the investors who are helping Poloniex to grow.”

Sun added that Tron was planning a wide range of Poloniex-related collaborations, including a token giveaway for Poloniex users. He noted that further details would follow in the coming weeks.

Poloniex announced it would be listing Tron earlier this week, amid reports that its new owners want to boost the platform’s presence in Asian markets. After the exchange started accepting limit orders for TRX/BTC, TRX/USDT and TRX/USDC yesterday, full trading of TRX should be enabled soon.

Sun also described his first encounter with Poloniex, stating that a friend advised him to buy Ethereum (ETH). At first, Sun says he was concerned Ethereum was a “scam coin,” but eventually decided that it was above-board. But when he decided to buy tokens, he found that the only exchange that listed ETH was Poloniex – a fact that led him to open an account on the platform.

Sun described Poloniex as “one of the biggest exchanges in our industry.” (Ranked 76th by trading volume – USD 27 million in the past 24 hours, according to Coinpaprika). Poloniex’s star has waned somewhat since its inception and meteoric growth in 2014. The platform was sold to Circle last year. The American company has since spun Poloniex out, with an unnamed group of investors taking control.

The Tron chief had seemingly distanced himself from the Poloniex sale, stating “I am not buying anything” at the time, although he added that he had “invested some” and was “helping out” his “friends.”

Sun also explained that there would be a way for Chinese traders to use the Poloniex exchange, adding that they would have to access the site via a different web address.

More Articles

Price Analysis
Price Breakthrough Forecast: The Next XRP Rally Could Be Here Soon
Arslan Butt
Arslan Butt
2025-02-09 14:21:48
Altcoin News
Gold-Backed Altcoins Boom as Major Banks Raise Price Predictions: Which Coins to Get
Arslan Butt
Arslan Butt
2025-02-09 12:55:24
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors