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Tron (TRX) CEO Justin Sun tells developers to do away with Ethereum

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Justin Sun, the CEO and founder of Tron Foundation, has told developers to shift to the Tron blockchain instead of utilizing dApps on the Ethereum blockchain.

A developer by the name of Afri Schoedon had tweeted that the Ethereum network was at full capacity, and Sun was responding to this tweet.

Specifically, he urged the cryptocurrency developer community to move to use “$ETC, or $POA,” although, clearly, Justin Sun used it as an opportunity to endorse his very own project.

Mr. Schoedon’s statement could be verified by concerning, which monitors blockchain activity worldwide, and confirmed that there were almost a staggering 60,000 transactions on the ethereum blockchain.

The co-founder of Ethereum, Vitalik Buterin, countered that there are Dapps that could undergo gas utilization optimization to combat this.

It goes without saying that this is clearly a self-serving statement, considering Buterin helped to create ethereum, which like most cryptocurrencies – including Tron (TRX) – has decreased tremendously in terms of market capitalization this year.

This all is in the keeping of Justin Sun trumpeting his Tron Virtual Machine as a new tool for developers, pointing out that it is completely compatible with the Ethereum Virtual Machine.

During the launch, he had boasted that developers could move the projects to the TVM (Tron Virtual Machine) for “almost free” and believed that this was a milestone for the Tron ecosystem, which would help bring massive value to the Tron project and the cryptocurrency sector in general.

It is also important to note that this isn’t the first time that Sun has been tried to boast about his project while pointing out the flaws of another.

However, the last time that this happened it could be argued that the Twitter feud between Justin Sun and Charlie Lee (creator of Litecoin) started with Charlie Lee.

Mr. Lee coyly referred to the movie “Tron” and gave his opinion on the movie, stating that people “kept asking his opinion about it,” although clearly, people were more interested in knowing about his opinion about the Justin Sun-led project. He jabbed the project, by stating that it was “extremely hyped without a lot of substance.”

Although he walked back with the statement, by stating that he did not know a lot about the project, many believed that his statement was clear. Mr. Sun responded that he “loved” Charlie Lee and Litecoin, and that it was a pity that he had sold all of his litecoin, referencing Lee’s controversial decision to sell his personal Litecoin holdings.

He also pointed out that he had “locked up all $TRX until 2020” and pointed out that this is because he was wholly confident in the project, a clear indication that Sun thought Lee had stopped believing in Litecoin when he sold it.

With regards to this latest comparison – there are critics of Tron that still believe that Tron is nowhere near as scalable or secure as Ethereum, and thus will never indeed be a project with as much value as its competitor.

Others believe that TRX is destined to be one of the most important coins in cryptocurrency and that its climb to a top 10 market capitalization is all but inevitable. Time will tell whether Mr. Sun will ultimately be able to deliver on his promises and whether the project could eventually surpass ethereum.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Tim Gouw on Unsplash

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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