- Justin Sun of TRON DAO unveiled a $5 billion relief plan for the embroiled crypto industry.
- Similarly to Binance’s CEO Changpeng “CZ” Zhao, Mr. Sun has received around 100 applications from struggling firms.
- Mr. Sun posits that “the worst time has passed” for crypto.
While many blockchain companies are struggling, there are yet some that are willing and able to lend a helping hand in these trying times for the crypto industry. Justin Sun, the CEO of TRON DAO, stated in an interview that TRON has received a large number of applications from struggling companies looking to strike a deal. The only other company known to have received as many propositions is Binance.
$5 Billion Combo of Personal Funds and TRON DAO
Justin Sun was willing to review the applications, saying: “We are ready to spend $5 billion on helping the industry builders to continue building”. Some of the fund will consist of Mr. Sun’s personal holdings, while the rest will come from the TRON Foundation. Furthermore, TRON is in talks with an investment bank for a contribution deal aimed at saving select companies.
“I think currently the de-leverage process has passed the worst time,” mused Justin Sun, who later emphasized that he’s mostly interested in crypto companies that have a “large user base”.
Battle of the Altcoins Continues
The company’s native coin, TRON (TRX), has been battling memecoin Shiba Inu (SHIB) for the #13th position in the charts on CoinGecko and CoinMarketCap. Interestingly, Shiba Inu (SHIB) is winning the race on CoinGecko, while according to CoinMarketCap, the #13th position belongs to TRON (TRX).
At Press time, TRON (TRX) trades at $0.066363, which is 3.2% less than 24 hours ago. Despite the turbulence being felt across the crypto space, TRON (TRX) is up in value by 2% over the last 14 days. With TRON’s native token maintaining a particularly stable curve throughout the year, it will be interesting to see how many embattled crypto companies the TRON Foundation can help.
On the Flipside
- TRON’s USDD stablecoin lost its peg to USD twice this year.