Bitcoin [BTC] sluggish below the $9,000 mark on the back of the most successful month-on-month gain since December 2017 has given way to the rise of the altcoins. Tron [TRX] is firmly leading that altcoin rise, given the current market conditions.
The Justin Sun-led cryptocurrency has now amassed a massive 17.41 percent price gain in the past 24-hours as the founder hinted at an imminent big reveal. The first inkling of this mention was on May 31, with Sun stating that something “huge and amazing,” was in store for Tron and BitTorrent, and that his stake in the same was “70%.”
Sun’s ‘announcement of an announcement of an announcement’ read,
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
Following up the above tweet, Sun, without mention any further details stated that “I did it,” adding that this accolade was yet another ‘big win for the blockchain community,’ while not mentioning or even hinting at any concrete decisions taken.
Sun’s announcement of an announcement’ read,
I did it! Big win for the #blockchain community! Big reveal June 3. Stayed tuned! #TRX $TRX $BTT #BTT https://t.co/C2ZcINfcKb
Despite many in the crypto-community dismissing this ‘announcement of an announcement’ primed on enticing investors to purchase the cryptocurrencies without any concrete reason to point to, the price pushed ahead. Justin Sun, the master marketer, managed to amass a double-digit price gain, even as the king coin traded sideways and propelled TRON into the top-10 with just two tweets.
Prior to the two announcements, the coin was trading at $0.03 on May 30 and rose steadily to $0.036, a consistent 20.65 percent price gain in over 30 hours. The first correction dropped the price to $0.035 prior to a move up to $0.038 a 10.13 percent gain in less than 2 hours as anticipatory bulls buoyed the TRX market. At press time, the now 10th ranked cryptocurrency is trading at $0.039, its highest price since July 2018.
Market capitalization reflected the same, as TRON added over $600 million to its overall valuation since the first domino of the announcement was made. Stellar Lumens [XLM] is now on the outside of the top-10 looking in trailing TRON by under $20 million, while Cardano [ADA] chase the duo by over $150 million.
BW.com and OKEx take the top two spots in TRX trade volume with 8.06 percent and 7.7 percent of trade respectively in the trading pairs TRX/USDT each. Other notable exchanges are Bit-Z, Huobi Global and Digifinex, however, the only exchange with “real” volume is Binance on the 11th spot with 3.59 percent volume in the BTC pair.
BitTorrent was also enjoying a brief bullish build-up as the cryptocurrency, on the 29th spot at press time inclined by over 7.7 percent in 24-hours, taking its weekly price pump to almost 40 percent.
Sun’s tweet highlighting TRON’s entrance into the top-10 read,
📢 According to @CoinMarketCap, #TRX is back to TOP 10 with a recorded market capitalization of $2.59 billion! #TRON $TRX pic.twitter.com/Ae9CUjouQz