Tron Volume On Rise as TRX Price Jumps 7% Amid Dip; BitTorrent Airdrop Nears
Tron (TRX) attempted to push through Monday’s market dip with a 7% price hike in the early morning (UTC), as TRX trade volume began its ascent once more.
The coin’s trade volume had sunk to $99 million just ten days after peaking at over $1 billion – an eight-month high at the time. Monday saw a rapid 98% increase to the Tron changeover, which topped out at $197 million at time of writing, and continues to climb.
One day previously, Tron CEO and founder Justin Sun revealed the first snippets of details regarding the BitTorrent Token (BTT) airdrop. The token drop will commence on February 11th with the release of 10.89 billion units of BTT to TRX holders.
Tron has been more volatile than most during the winter period, and more than doubled in value in the past month. That same volatility also slashed close to 40% from Tron’s value in the space of a few days in mid-January.
On Monday morning TRX defied the broader market movement which slashed between 5-7% from the major altcoins. From the daily low of $0.023703, TRX climbed 7% up to $0.025424 by time of publication.
The rapid 98% influx to trade volume appears to have been helped along by a mass of activity on the BitForex exchange. The exchange’s TRX/USDT pair accounted for over $23 million of the daily TRX volume – 11% of the daily total.
Binance is the next most concentrated venue of exchange, with $17 million worth of liquidity in the TRX/USDT market alone.
BitTorrent Token Airdrop
“On February 11th, 2019, BitTorrent Foundation will initiate its first airdrop of BitTorrent (BTT) to TRON (TRX) holders. The snapshot will be taken when TRON’s block height reaches 6.6 million. Based on this snapshot, BitTorrent Foundation will initiate its first airdrop of 10,890,000,000 BitTorrent (BTT), corresponding to 1.1% of total circulating supply.”
Perhaps the promise of some BTT was enough to trigger TRX’s surge on Monday. Assuming the market aims to ramp up TRX in the lead up to the airdrop, then prices are likely to only get higher from here.
That said, the broader crypto market is currently in the midst of what seems like a slow bleed out. With that in mind, would Tron be able to continue its surge through a major dip? For some recent historical context, take a look at the Waves (WAVES) surge back in early December. The value of Waves more than quadrupled during a month when the rest of the market struck yearly lows, so it can be done.
The BTT airdrop will be a yearly event, according to the Medium article, with over 10 billion BTT to be distributed every year up until 2025.
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.