Announception: Justin Sun Does it Again; TRON (TRX) and BTT Pump 14%
TRON CEO Justin Sun just announced his second announcement in the space of a week, as the values of TRX and BitTorrent Token (BTT) increased 14% overnight.
Earlier in the week Sun announced an upcoming announcement which he promised to announce on June 1st.
On Saturday morning when June 1st arrived, Sun announced he was pushing back the announcement back a couple of days, as per this Twitter announcement:
“I did it! Big win for the blockchain community! Big reveal June 3. Stayed tuned!”
The most liked reply to Sun’s tweet was an apparently genuine question, asking whether this was a parody account.
Is this a parody account?
— InsertWittyCryptoNameHere (@Witty_Crypto) June 1, 2019
That’s a question that’s been difficult to answer for some time. Westerners have long marvelled at the ingenuity of Eastern technology. Perhaps the Justin Sun protocol is simply beyond our meagre understanding at this time. Or maybe his dialogue system is stuck on repeat.
Last week Sun teased his bot followers with this announcement, which some thought may have been related to the release of the BitTorrent File System:
“Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX $BTT.”
Either way, his announcement-squared routine seems to be having an effect on the values of TRX and BTT.
TRON Price – TRX/USD
The announcement from earlier in the week resulted in a 9.4% pump for TRX, and a 26% pump for BTT. On Saturday morning, TRX gains were standing at 14%, after the coin price jumped from $0.031430 up to $0.035982.
CoinMarketCap reports over $1 billion worth of daily trades, but glancing at TRX’s most traded markets, you have to travel a long way down the list before you find a legitimate platform. OpenMarketCap places TRX volume closer to $90 million – but even that number is debatable thanks to Binance’s continued shenanigans.
On the TRON front, other recent news includes the addition of 44 new dApps this week, sending the total number to 447. The majority of those are focused on gambling (140) and ‘high-risk’ (183), according to this TRON weekly update.
BitTorrent Token Price – BTT/USD
Another 14% growth spurt for BTT saw the coin price rise from $0.001450 up to $0.001658.
While Justin Sun’s announcement makes for an entertaining article, it should also be noted that BTT had just sunk 22% from Tuesday to Friday, after Bitcoin’s hold on $8,500 was briefly lost. A rebound was always likely, and it might even be the case that Sun is timing his announcements to coincide with market dips – knowing that a rebound is due. But that’s just speculation.
After recording its second highest trade volume earlier this week ($465 million), BTT trades had fallen drastically by Saturday, hitting $174 million on CMC. Strangely enough, OpenMarketCap reports BTT as having more volume than TRON, at $97 million. Once again, Binance is the main source of the these trade numbers.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.