Justin Sun Announces Announcement; TRON & BitTorrent Prices Spike Accordingly
TRON (TRX) CEO Justin Sun took us all the way back to 2017 on Sunday morning, when he showed he still has what it takes to pump a coin price with nothing more than an announcement.
Or rather, in what has come to be regarded as the Justin Sun special, it was the mere announcement of an announcement that sent the values of TRON and BitTorrent Token soaring.
Justin Sun Announces Announcement
Just like old times, Justin Sun showed he still has the magic touch. Early on Sunday the TRON founder and CEO tweeted this juicy teaser to his +1 million followers. He wrote:
“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.”
The post was liked 1.4k times in just over 3 hours, and attracted over 300 comments. Many of Sun’s 1.17 million followers might be fake, but it seems that even bots can appreciate good humour.
Sun’s vague announcement drew equal parts ridicule and bafflement from Twitter users – along with the usual bot posts claiming ‘Justin Sun is Number 1!! TRX to Moon!!’, etc.
But Sun’s announcement had profitable consequences for TRX and BTT holders.
TRON Price – TRX/USD
From Sunday morning’s low of $0.027574, the value of TRX climbed to $0.030158 within just over two hours.
The 9.37% increase was accompanied by a 30% influx to daily trades, which jumped from $600 million to over $800 million according to CoinMarketCap. Figures from OpenMarketCap place it closer to $50 million.
Sun gave nothing else away following the announcement, only releasing a developer guide detailing energy costs on the TRON blockchain.
BitTorrent Token Price – BTT/USD
BitTorrent Token benefitted even more from Sun’s teaser, as the value of BTT jumped by 26% in the hours following the tweet. That carried BTT from $0.001118 up to $0.001411 – a new all-time high.
The piracy-focused token gained over 100% since the start of the month, and recorded new ATH’s twice already this week. The surge began just as 990,000,000 BTT tokens were being distributed – for free – to TRX holders. The airdrop program was also adopted by Binance, who distributed BTT to their own users’ wallets. Another 990,000,000 BTT will be distributed every month until the end of the year – totalling 11,880,000,000 free BTT for 2019.
That’s roughly 0.1% of the total supply every month, and 1.19% over the year, with more expected in 2020. Although the initial buzz of free token giveaways may bring more eyes to BitTorrent Token in the short term, it’s hard to see the value increasing by this tactic alone – rather, the opposite.
Opera Browser Impact?
One possible explanation for BTT’s sudden ascension could have something to with Opera’s plans to include TRX in its browser-based crypto wallet. The news resulted in a positive pump for TRON on the day, but BTT may have benefited in a more subtle way.
The little-known Opera browser has been at the forefront of advancements in browser technology for decades. It pioneered many features that were later adopted by Chrome, Firefox, et al. One of those was the inclusion of a dedicated BitTorrent browser add-on.
Since then, the same add-ons have been made for most major browsers, but perhaps BTT is currently reaping the speculative benefits of that old association.
Opera was the first Android-based browser to include an in-built crypto wallet and a web 3.0 explorer in 2018. It currently represents around 3% of the browser market share – a long way behind Chrome (60%), Safari (14%) and Firefox (5%).
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. Chart via CoinMarketCap.