Justin Sun’s New Stablecoin Was Sold Out In 5 Minutes: Report

Justin Sun’s new stablecoin JUST was sold out yesterday in less than 5 minutes. JUST was the first stablecoin to get sold on Poloniex’s IEO Platform LaunchBase as we are reading in the TRON TRX news.

Poloniex launched the LaunchBase token sale at the start of April and the first token to get hosted in the JUST token by the TRON decentralized lending platform. LaunchBase offers other services despite the normal token sale, such as support for new blockchain projects. TRON even launched a new stablecoin which was released to the investors during the LaunchBase token sale. Sun announced on Twitter that the new token sale was done in 4 minutes and 26 seconds since the demand for the stablecoin was very high and the available supply was sold out in an instant.

$JST tokens distributed!🎉

Winning participants from the token flash sale, will now be able to see your $JST in your #Poloniex account🏦

Once $JST is listed on #Poloniex, full trading, withdrawals, and deposits will be enabled.

— Poloniex Exchange (@Poloniex) May 5, 2020

Poloniex announced in the meantime that the JST token will be available to all investors on the platform and the token withdrawal and trading will be released in a timely manner. JST is similar to Tether as it is pegged to a 1:1 dollar ratio which is why it is stable in price. The Twitter community is discussing whether the token sale really ended in that short time as some of the followers are questioning the demand for another stablecoin. Another claim that they weren’t able to reach the exchange’s website, therefore, they had no possibility to buy the token.

The page could be reached again once the sale was done and the use of the stablecoin increased dramatically since investors want to protect their investment from bigger price fluctuations in the volatile periods. The market capitalization of Tether is $6.3 billion which makes it the fourth-largest cryptocurrency. Tether was suspected of having manipulated the BTC price by printing new tokens and it remains to be seen whether TRON can hold its own market with the JST in the long run.

Be transparent! there is no one on twitter or telegram that has been able to buy? how is that possible?

— Pao (@paospit) May 5, 2020

Sun’s purchase of the Steemit platform ended up in leading TRX to trade sideways. Over the past 24 hours, TRX dropped to $0.0160 and has a market cap of $1.06 billion, ranking 16^th among the largest cryptocurrencies. The latest class-action lawsuit against TRON could have a negative impact on the TRON price since Roche Cyrulnik, the popular law firm, has about 11 class-action lawsuits against multiple crypto companies including TRON.