Cryptocurrency

TRON Founder Tweets “Something Huge” Coming Up, TRX Rises 14 Percent

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Justin Sun, the CEO and Founder of TRON Foundation, surely knows how to keep the crypto community glued. Yesterday, Justin took to Twitter to make an interesting announcement which not only created a buzz in the crypto space but also ended up skyrocketing the value of TRX.

The announcement had Justin reveal that there was something amazing and huge coming up with TRON as well as BitTorrent, details of which will be disclosed post 1st June. He also expressed his belief of having 70% chances of winning and nailing it. To put it simply, it was a mere of the announcement.

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Justin’s tweet garnered a huge response with more than 550 comments, over 3 thousand likes and 1,000+ retweets. What’s more interesting is how the tweet contributed to a significant rise in the prices of both TRX and BTT.

TRX, which was trading low at $0.027574 as of Sunday morning jumped to $0.030158 within a couple of hours of the tweet. At the time of writing, TRX was being traded at 0.032536 USD as recorded by CoinMarketCap. Justin’s single announcement sent the cryptocurrency soaring by almost 14%. In fact, the 11th ranked cryptocurrency, TRON, outpaced Bitcoin as well as other altcoins. Interestingly, TRON’s market cap has now reached 2.1 billion dollars.

Looking at the prices of BitTorrent (BTT), it increased by 26 percent within hours of Justin’s tweet. BTT rose from 0.001118 dollars to $0.001411. While writing this, BTT recorded a value of 0.001588 USD, as per CoinMarketCap. Undoubtedly, BitTorrent has reached its all-time peak, rising by as much as 29%.

However, it was not just TRON that witnessed a price surge. The entire digital currency space registered a huge rise in prices by reaching an impressive figure of 16 billion dollars on Sunday. According to reports, yesterday accounted itself for being one of the most bullish days of single day trading ever since the beginning of the ongoing year.

This price surge has brought a new breeze for TRON which has been going through a rough patch after Lucien Chen, the Co-Founder and Chief Technology Officer of the Tron project, quit earlier in the month. As per reports, there were ideological differences between Justin and Chen that led to the latter’s departure. Surprisingly, Chen also indicated his disappoints as he believed that TRX was marching ahead towards the line of centralization.

But despite the controversy, TRON seems to be holding its ground firmly. On 16th May, the cryptocurrency established a new all-time peak for its everyday decentralized application users by registering over 102,000 users.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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