Tron Price Spikes 18% in Nine Hours as Justin Sun Hypes BitTorrent
Tron (TRX) is among the top performers in the market cap top one hundred today, after racing to 18% gains in the last nine hours. The price surge coincides with Tron founder Justin Sun’s tweet just under eleven hours ago which confirmed Sun’s full ownership of the BitTorrent platform, along with the proclamation that its 100 million users were now part of the Tron ecosystem.
Tron began the day at in the mid $0.034 range and was actually in the middle of a marked descent – falling all the way to $0.032 at 6.30am (UTC). That was about thirty minutes before the tweet by Justin Sun which triggered, or at the very least, coincided with a sudden surge in value which took the TRX coin all the way to a value of $0.038.
That was a few hours ago now, and the spike has since rebounded down to the mid $0.037 range, where it now bounces along fairly steadily.
Tron had been falling for most of the week prior to today’s big push, declining from July 18th’s recent high of $0.043. Tron is still down for the month, and is ultimately still a long way off from April’s peak of $0.10, since which time TRX has shipped around 61% of its value.
Is it too much to assume that a tweet has the power to send a coin, if not to the moon, then at least to the upper section of the launch-pad? In the crypto world, probably not. You may remember the recent Coinbase tweet that sent five cryptocurrencies to double-digit gains over the course of a few hours. Stellar is still riding the crest of that wave right now.
True, Tron didn’t announce a new exchange listing; nor did they announce a new partnership; nor did they announce some new institutional investment – but Justin Sun has proved himself an expert self-promoter, and his wording of the tweet was likely enough to turn some USD into TRX.
“Proud to announce @BitTorrent and @uTorrent are now part of the #TRON family. BitTorrent is supported by over 100M active users. Together we are building the future of the decentralized Internet! Stay tuned for updates.”
In the accompanying blog post on Medium, Sun suggested that Tron had just grown its user-base with the BitTorrent acquisition:
“From this day on, BitTorrent, whose software has been installed on billions of user devices, will become part of the TRON ecosystem, making TRON the largest decentralized Internet ecosystem in the world.”
Is it fair to say that Tron is now the biggest decentralized ecosystem just because its founder bought another company? So far there’s been no official suggestion as to how or when TRX and BitTorrent will intersect, if they do at all.
The power of hype isn’t new to the crypto world. Often the loudest, most brash person is the one who gets noticed, and if Tron makes any more moves up the market cap rankings, its holders will no doubt have Sun’s hype to thank for it.
Featured image courtesy of Shutterstock.