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For the past few months, cryptocurrency investors have faced both rapid gains and losses. However, Tron founder Justin Sun is happy with his earnings. Constantly in the spotlight for controversial issues, Justin Sun shared details about his earnings today. After the close of the second quarter, earnings reports were a hot topic in July. So how much did Justin Sun earn?
Justin Sun’s Statement
Justin Sun tweeted today from his Twitter (now called X) account about the earnings of his company group for the second quarter. In his recent posts, Justin Sun revealed that the group’s revenue in the second quarter was $193 million, with a profit of $85 million, representing a 183% increase compared to the $30 million profit in the first quarter. Sun predicts that third-quarter revenue will be $200 million and profit will be $100 million.
Sun’s company group includes TRON (mainly TRC20-USDT revenue), Huobi, Poloniex, TUSD, and others. While many companies reported lower earnings due to declining volumes, the increase in earnings in Sun’s companies is surprising. On the other hand, TRC20-USDT represents a significant portion of the earnings as it is heavily used in every period.
Tron (TRX) Analysis
TRX Coin’s price has been affected by the negative trend in the market. As of July 29, this altcoin finds buyers at $0.077. After maintaining support at $0.076 in the short term, the price quickly rose above this level after its spikes. Investors are concerned as Bitcoin‘s price breached the $28,800 support level at the time of writing. If there are closures below this level, $28,300 could be tested, and closures below that could lead to double-digit declines in altcoins.
If the price loses its supported level in the coming days, it could experience a deeper decline towards $0.068. This significant drop risk is in line with BTC‘s potential target at the $28,300 test. Reclaiming the $0.07895 level is necessary to prevent such a substantial loss.
