TRON (TRX): Justin Sun’s new stablecoin sold out after 5 minutes

  • The new stablecoin JUST by TRON CEO Justin Sun was sold out yesterday after only 5 minutes.
  • JUST was the first digital asset sold on Poloniex’s IEO platform, LaunchBase.

Poloniex launched the LaunchBase token sale platform at the beginning of April. Its first hosted project is the token of TRON’s decentralised lending platform JUST. LaunchBase offers other services in addition to the normal sale of tokens, such as consulting and support for young blockchain projects. In addition to the lending platform, TRON launched a new stablecoin $JST, which was released to investors on LaunchBase via the token sale.

Sun announced on Twitter that the token sale was completed after 4 minutes and 26 minutes, as demand was very high and the available supply was sold out immediately. Poloniex has meanwhile announced that $JST will soon be available to all investors on the platform and trading and token withdrawal will be released in a timely manner.

Like Stablecoin Tether, $JST is pegged to the $ at a ratio of 1:1 and thus stable in price. The Twitter community is currently discussing whether the token sale really ended after 4 minutes and 26 seconds, as some followers are questioning the demand for another stablecoin. Many followers report that they could not reach the Poloniex website and therefore had no possibility to buy $JST.

The page could only be reached again after the sale was completed and the message of the termination of the token sale was presented. Regardless of the above, the use of stablecoins has risen sharply since the introduction of Tether, as investors seek to protect their investment from large price fluctuations in volatile times.

At the time of writing, the market capitalization of Tether is $6.3 billion, making it the fourth largest cryptocurrency. Tether has long been suspected of having manipulated the Bitcoin price by selectively “printing” new USDT. It remains to be seen whether TRON can hold its own in this market with $JST in the long run.

TRON (TRX) Price since debacle around Steemit in sideways trend

Since Justin Sun’s purchase of the Steemit content platform and the subsequent disagreements within the community, TRX has been trending sideways. Within the last 24 hours, TRX has fallen 1.72% to a price of $0.0160. With a market capitalization of almost $1.06 billion, TRON ranks 16th among the largest cryptocurrencies.

A class action lawsuit against TRON, EOS, Binance and BitMEX for the illegal sale of unregistered securities could also have a negative impact on the TRON price at present. The notorious law firm Roche Cyrulnik filed a total of 11 class action lawsuits against crypto-companies from 42 states in the USA at the beginning of April. All cases are currently pending.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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