Tron Network token (TRX) saw a price surge of over 4,000% after CEO Justin Sun tweeted a message to token holders following Binance’s withdrawal from their acquisition deal. Sun said he would stand behind Tron token holders and work with them on a path forward. However, the news turned out to be Tron native assets that will be redeemed on a one-to-one basis. Tether also faced instability, dropping below its dollar peg to 93 cents due to liquidity issues on exchanges. Binance revealed $69 billion in reserve, and NFT platform OpenSea announced it will continue enforcing creator royalties after backing down from revoking them.
TRON Network Token Surges 4,000% After Justin Sun’s Tweet
During a dark time in the crypto market, Justin Sun tweeted a message of hope and confusion to TRON Network token holders, leading to a surge of 4,000%. Sun’s tweet promised to stand behind all TRON token holders on FTX and work with them on a path forward. TRON native assets, including TRX and its stablecoin BTT, will be redeemed on a one-to-one basis along with other TRON assets. Trading of TRX and other Justin-themed tokens restarted on FTX overnight with a price surge of over $2.50 before correcting to 32¢ and retracing to 15¢.
Tether Depegs Slightly below its Dollar Peg
Even Tether had trouble staying on its feet yesterday. Usually trading between $0.999 and $1.01, it dropped below its dollar peg to a low of 93¢ on Kraken, Binance, Coinbase and OKX. Tether CTO issued a statement saying they had zero issues with the 700 million USDT that was redeemed and that when markets are extremely volatile, exchanges can have different price quotes for USDT. It looks like Tether is likely to hold steady as it repegs, but vigilance is necessary for nothing in crypto is a sure thing.
Binance Reveals $69 Billion in Reserve Wallet
Binance released its cold wallet funds list showing $69 billion in reserve. In the coming weeks, they plan to release the exchange’s proof of funds in the form of a Merkle tree or individual account holdings. Included in Binance’s wallet are 475,000 Bitcoin, 4.8 million Ether worth $5.5 billion, 17.6 billion in USDT, 601 million in USDC, and 21.7 billion of its own stablecoin BUSD, and $16 billion in Binance Smart Chain native token BNB. Binance seems to know the value of a balanced checkbook.
OpenSea Reverses Decision to Revoke Creator Royalties
As crypto melts down, NFT enthusiasts are still browsing cartoon animals and joining new online communities. OpenSea just gave collectors something to be happy about with an announcement that they will continue enforcing creator royalties. OpenSea reconsidered their decision after the community rallied around its creators wanting to see them get paid for their work on projects and in communities. In a statement, they said, “We’re awed by the passion that we’ve seen from creators and collectors this week. We were looking for your feedback, and we heard it, loud and clear.”