The Tron Foundation has announced that founder Justin Sun is leaving in what looks like a massive reorganisation of the TRON (TRX) Blockchain Governance. Sun had been with Tron for a while now and is expected to take up a WTO role in Geneva. But how does this play out in the market? Well, here are a few pointers:
When the news was first announced, TRON (TRX) dropped nearly 8% in less than 24 hours
Justin Sun was one of the original founders and writers of Tron’s network code
We could see some significant governance changes around TRX in the near time
Data Source: Tradingview.com
How does Sun’s departure affect TRON – price action
Well, as with any other company or asset, the departure of key people is always going to cause jitters in the market. It’s the reason why TRON (TRX) dipped when the news came to light. But the long-term fundamentals of the blockchain still look good.
Besides, Justin Sun noted that he believed the platform was fully decentralised and that the TRON community could now take over the day-to-day governance of the platform. Also, TRON (TRX) still maintains a market cap of over $ 8.3 billion and continues to attract a lot of positive press in the crypto world.
Should you buy TRON (TRX) right now?
The departure of Justin Sun is of course, a big deal. In the short term, there is likely going to be some uncertainty. This means that price volatility will be very high. So, it would be best to wait before you add TRON (TRX) into your portfolio.
Once the volatility abates and some reorganisation is seen in the TRON Foundation, it will be easier to reassess the fundamentals. But TRON is definitely one of the most exciting blockchain projects today.