Investing in the Future of Trading
In a surprising turn of events, Justin Sun, the founder of Tron (TRX), has openly admitted to being one of the key investors involved in the recent acquisition of cryptocurrency exchange Poloniex. The announcement came during a live stream on the official Poloniex Twitter profile on November 12, where Sun emphasized that while he’s invested, the exchange will maintain its independence from his company, the Tron Foundation.
From One Controversy to Another
Just a month prior, Sun had to deny rumors that he was heading the investment group acquiring Poloniex. You know what they say—if there’s smoke, there might be a Justin Sun! Following the acquisition, Poloniex officially split from Circle, transforming into a stand-alone entity. Sun expressed confidence in the investor group’s commitment to bolster Poloniex’s growth, stating, “We plan to help this platform thrive again.”
The Numbers Behind Poloniex
According to Nomics, a cryptocurrency market analytics platform, Poloniex sits comfortably as the 11th largest exchange by volume, with a modest $19.5 million processed in the past 24 hours. However, it’s important to note that Poloniex is still catching up, as it captures less than 1% of total cryptocurrency trading volume. But hey, every big operation started small, right?
Once a Giant, Now a Player
During the livestream, Sun took a nostalgic trip down memory lane, recalling how Poloniex was once one of the titans of the cryptocurrency world. “So Poloniex is definitely one of the […] biggest exchanges,” Sun proclaimed, throwing a gentle reminder that status can often be fleeting in the crypto sphere.
Timing is Everything
Interestingly, Sun’s investment came on the heels of Tron’s listing on Poloniex. As of yesterday, customers have been able to place limit orders for TRX against Bitcoin (BTC), Tether (USDT), and USD Coin (USDC). However, it seems this news didn’t trigger a significant market shake-up, with TRX only nudging up by 1.46% to trade at $0.019 at press time, according to Coin360.
What Lies Ahead for Poloniex?
As investors and crypto enthusiasts watch keenly, only time will reveal whether this new investment will breathe fresh life into Poloniex. Will it reclaim its past glory, or will it remain obscured in the shadows of more dominant exchanges? One thing’s for sure – the story of Poloniex and its new guardians is just beginning.
