On the morning of Jan. 4, the cryptocurrency TRON (TRX) posted 136 percent growth, becoming the 9th largest cryptocurrency by market capitalization, and pushing Dash to 11th place.
The altcoin has been on a bullish trend since mid-December, growing well over 2,000 percent since then. In the first week of 2018 alone, the coin has seen almost 300 percent growth. TRON hit $0.20 earlier today, and is currently trading at an average of $0.17, with a market cap of $12.4 bln at press time.
What is TRON?
TRON markets itself as a Blockchain-based protocol for the entertainment industry -- a platform for content distribution in which TRON’s native token, TRX, is circulated. The project ran an ICO in early September, hitting their fundraising goal of $70 mln. TRX has been trading since mid-September.
Teasing tweets
In the past few days, the founder and CEO of TRON, Justin Sun, has posted a couple of tantalizing tweets that hint at upcoming partnerships, without disclosing any names or details.
On Jan. 2, Sun tweeted about potential partnerships with “giant companies”, noting boldly “We will be huge soon!”.
More partnerships are coming! Even #NASDAQ listed companies and the giant companies with more than 100 million users started to contact us for partnership. We will be huge soon! #TRON #TRX $TRX — Justin Sun (@justinsuntron) January 2, 2018
Early morning Jan. 4, Sun followed up with a second teaser tweet about an upcoming “prestigious” partnership to be announced next week.
We will announce our partnership with a very prestigious public listed company next week. Looking forward to it! — Justin Sun (@justinsuntron) January 4, 2018
On Dec. 31, Sun predicted that his project’s cryptocurrency would break into the top ten in 2018, a feat it managed to accomplish in just the first four days of the year.
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The TRON price exploded by 94 percent on Thursday after the decentralized content distribution platform’s founder teased a major partnership with a publicly-listed company. Its token, TRX, is up 150% in a 24-hour period at press time.
TRON Price Leaps 90 Percent on Thursday
As reported by CCN sister site Hacked, the TRON price broached $0.16 this morning, capping off a run that has seen the four-month-old cryptocurrency surge by 400 percent during the first week of 2018.
At this level, TRON has an $11 billion market cap, making it the ninth most valuable cryptocurrency and ranking it above perennial heavyweights such as dash, monero, and ethereum classic. Amazingly, TRON is now worth just $1.6 billion less than litecoin, which has started the new year with a multi-day decline.
TRON’s rally has been accompanied by an explosion in trading volume. In the last 24 hours, Binance has processed more than $2.1 billion worth of TRX trades against BTC and ETH trading pairs, and TRON has also seen significant trading volume on South Korean exchange Coinnest.
TRON Founder Teases Major Partnership
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.
In the past week, TRON founder Justin Sun has posted two tweets teasing partnerships with public companies. The first, posted on Tuesday, stated that NASDAQ-listed companies with more than 100 million users had contacted TRON seeking to form partnerships. “We will be huge soon,” he said.
More partnerships are coming! Even #NASDAQ listed companies and the giant companies with more than 100 million users started to contact us for partnership. We will be huge soon! #TRON #TRX $TRX — Justin Sun (@justinsuntron) January 2, 2018
The second, posted Thursday morning, said that TRON had formed a partnership with a “very prestigious public company” and would reveal the details next week.
We will announce our partnership with a very prestigious public listed company next week. Looking forward to it! — Justin Sun (@justinsuntron) January 4, 2018
These tweets have understandably increased demand for TRON, as investors believe it could see both short- and long-term price gains. However, prospective buyers should keep in mind that it is easy to let one’s imagination run wild, and announcements do not always live up to the hype.
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.
Write to Josiah Wilmoth at josiah.wilmoth(at)ccn.com.
Featured image from Shutterstock.
Five Things To Know About Tron (TRX)
Following the success of Bitcoin (BTC), ripple (XRP), and litecoin (LTC), another upcoming digital currency 'TRON' witnessed a massive surge on Thursday. On January 4, the digital currency was trading around $ 0.15, nearly 100% higher than the previous session's closing. After the jump, the market capitalization of TRON jumped to nearly $10 billion, while the market cap closed at $5.17 billion on Wednesday. It is startling that the same figure a day prior was over $3.42 billion and $2.94 billion on January 1.
1. The market capitalisation of Tron (TRX) has risen by nearly three times in past four days from nearly $3 billion to over $10 billion.
2. One must remember that on December 13, which is barely three weeks ago, the market cap of Tron stood at nearly $500 million, almost one twentieth of the current valuation.
3. Exactly three months ago, the Tron's price was hovering in the range of $98 million, which means the currency has risen 100 times in just one quarter. One tron, on October 4, closed at 0.003250 against its price of $0.15 on January 4. The currency price has risen by 4,500%.
4. Tron is a blockchain-based, open-source protocol for the global digital entertainment industry in which TRX, Tron's token, is circulated. It enables one-on-one interaction between the suppliers of digital content and the normal users. Thanks to tron, content providers no longer need to pay high channel fees to the platforms such as Google Play store and Apple's Appstore.
5. Tron was founded by Justin Sun. He is the only millennial student of Hupan University and a protégé of China's tycoon Jack Ma, chairman of Alibaba Group. Justin secured a master's degree from the University of Pennsylvania after he received a bachelor's degree from Peking University.
so im using support lines and Fibonacci levels, to determine entry point, and targets.
Price reversed from 61.8% Fibonacci level, RSI oversold and Price touch Support line.
This is perfect Signal to further Up movement!
Perfect Targets are 161.8% and 261.8% Fibonacci levels!
