Crypto

TRON price jumps 150% in 24-hour period as founder teases major announcements

Stock Hot air balloons

TRON price jumped a whopping 94 per cent on Thursday and 150 per cent in 24-hour period after its founder teased major announcement involving publicly listed companies.

Justin Sun revealed on Twitter that NASDAQ listed companies are in touch with him over partnerships and that they will be making some huge announcements in a week. This led the price of TRON leap by 90 per cent and its token, TRX is up 150{d3504fbcdeb81bdc8fcd95bbbe4a10927085f26f9c7d3b1ab66ca60ecac7168d} in a 24-hour period yesterday.

TRON price breached the $0.16 mark and as of this writing it is trading at $0.24 breaking in the top 10 cryptocurrencies. At this level, TRON has more than $11 billion market cap, making it the ninth most valuable cryptocurrency and ranking it above perennial heavyweights such as dash, monero, and ethereum classic.

TRX trading volumes have exploded and reports from Binance indicate that in the last 24 hours the exchange has  processed more than $2.1 billion worth of TRX trades against BTC and ETH trading pairs. TRON has also seen significant trading volume on South Korean exchange Coinnest.

TRON’s price increase is predicated on investor speculation that major companies are preparing to begin using TRON’s nascent content distribution platform. This speculation is not unfounded.

While these tweets come from the most trusted source for TRON, we would like to point out that announcements do not always play as they are made and things may get delayed. Moreover, as spelled out in the TRON whitepaper, the platform will not reach its full implementation for at least several years, although the strength of the project’s development team, which includes a number of former Alibaba developers, will likely give many investors the confidence to hold onto their tokens for the long haul.

About the author

Wendy Rodgers

Wendy Rodgers

Wendy Rodgers covers big pharma as well as up and coming biotech stocks. She holds a BA from Syracuse University and an MBA from Penn State University.

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