The SUN cryptocurrency dropped more than 1,000 days in only 1 day, causing many investors to fear. However, this is only a technical transition rather than a scam.
The SUN cryptocurrency needed a “fall” from $44.7 to $0.02757 in only 3 weeks. However, according to the statement on this coin’s site, this is simply a consequence after the SUN coin changed its method of functioning.
According into CoinMarketCap, starting from April 5, SUN has shown signs of decrease but not significantly. On June 18, the purchase price of this cryptocurrency plummeted from 28.2 USD to 0.027 USD, or over 1,000 times.
However, this isn’t a scam project. This drop is merely a price correction following the developer changed the calculation process. Accordingly, to keep the market capitalization, older SUN coins (OLDSUN) will be collected and exchanged for new tokens (NEWSUN) in a ratio of 1:1000. The content of this statement on May 26 stated that SUN will redefine the token and update the platform to meet with the project’s requirements.
This is the main reason the SUN copper price fell more than 1,000 times. After the conversion, the coin’s site will have a substantial update and introduce a new service, a decentralized stablecoin swap.
The issuer also provides a strategy for users to manually swap the old token into NEWSUN. Users can swap via the SUN Swap feature on the official Only Swap site, utilizing the contract speech accessible in TronLink’s content tab.
Many investors were amazed when the cost of this cryptocurrency plummeted. However, after understanding the mechanics, lots of folks think that NEWSUN remains a possible coin because the whole number of coins issued is less than Bitcoin.
SUN is a decentralized fund (DeFi) cryptocurrency based on the TRON blockchain. This blockchain programmer, Justin Sun is a famous figure in the crypto space. He spent $4.5 million to encourage billionaire Warren Buffett to lunch to market the company TRON.
Currently, the world’s biggest cryptocurrency market Binance remains opening trading for NEWSUN. This coin is now priced at about 0.03 USD.
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According to Zingnews
Compiled by ToiYeuBitcoin