Tron Price Climbs 25% in a Day
Tron has jumped 25% in price against the dollar.
Tron’s TRX tokens were trading for $0.045 yesterday, with the price jumping to $0.056 earlier today. The move places Tron as the fourteenth most valuable cryptocurrency in terms of market cap, with a total valuation surpassing $3.4b and overtaking Ethereum Classic.
It’s possible that the price increase followed the news that the virtual currency had been listed on the Bittrex exchange, with investors expecting that the move would increase exposure and adoption. Founder Justin Sun received over five thousand likes for his tweet responding to the exchange’s announcement, which demonstrates the large community that the platform is building:
It seems more likely however that the jump in price is connected with the news that the platform will launch ahead of schedule. A blog post from the organisation based on a WeChat conversation with Tron’s technical team revealed that the launch had been pushed forwards from July 1st to May 31st – an entire month. Developer Lucien Chen stated that the push forwards had been made possible by prioritizing what needed to be done for the launch and scheduling everything not essential to be implemented after the mainnet release.
Tron is not new to hugely volatile price swings. In January the virtual currency jumped 150% in 24 hours in the wake of a tease that the project would partner with a “very prestigious company”. The company was revealed to be China-based Boafeng, described by Sun as “Chinese Netflix”. Closer inspection, however, left some investors nonplussed, with members of the community commenting that the company was in no way comparable to the American video giant. Accusations were also made regarding the convenient timing of the announcement -which some say drew attention from the headlines that elements of the Tron whitepaper appeared to have been plagiarized.
The price of one Tron coin has stabilized at $0.052 at the time of writing. How long this volatile virtual currency will remain stationary, however, is anyone’s guess.
Featured image from Shutterstock.