By CCN: The tron price (TRX) skyrocketed more than 20 percent after founder Justin Sun teased that he would reveal "huge and amazing" news about the cryptocurrency on June 3. Tron CEO Pumps TRX With Twitter Tease Earlier this week, TRX founder and Tron Foundation…
By CCN: The tron price (TRX) skyrocketed more than 20 percent after founder Justin Sun teased that he would reveal “huge and amazing” news about the cryptocurrency on June 3.
Earlier this week, TRX founder and Tron Foundation CEO Justin Sun hinted at a “huge” development in the works. Sun claimed to be in the midst of a new project that would involve tron and the closely-related BitTorrent cryptocurrency. He revealed he had a “70%” chance to see it through.
TRX predictably pumped following the tweet despite the overall lack of substance in the update.
The tron price surged again today, leaping more than 20 percent while the rest of the crypto market languished. BitTorrent Token (BTT) also saw a gain of 10 percent.
Justin Sun was responsible, once again, for the price increase.
Despite promising more news after June 1 in his previous community update, the Tron founder tantalized his audience through Twitter with yet another forthcoming announcement.
Sun claimed to have made a “big win” for the blockchain community, referencing his previous tweet. However, he withheld details on the new project and instead told the community to wait until June 3 for the big reveal.
Tron’s price has benefited from the resurgence in the crypto market building over the last several months. Since the start of the year, TRX is up 90 percent, including a 56 percent price increase within the last month.
However, tron investors suffered some of the worst losses during 2018’s “crypto winter.” After reaching an all-time high of $0.28 in early January of last year, the coin plummeted more than 95 percent, reaching as low as $0.01 in November.
Despite the price fall, Tron continued to build network usage during that time. According to a report by Dapp.com, Tron has the most active user base and has the fastest growing dApp ecosystem in 2019.
Justin Sun, meanwhile, has made a regular habit of posting “pre-announcements” – a proclivity that has led to an avalanche of controversy.
TRX and BTT investors obviously benefit from the price gains that follow Sun’s tweeting, and the platform’s community appreciates regular communication.
However, others see Sun overstepping his position as founder of a supposedly decentralized currency. While Sun comprises one of Tron’s twenty-seven “Super Representatives,” his influence has led to division within the community.
In May, the project’s chief technology Lucien Chen made a sudden departure, citing disputes with Sun and concern over Tron’s developing centralization. The plot thickened when Sun later claimed that his former CTO was fired for bribery and theft, a development that has yet to be resolved.
Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.
This article was edited by Josiah Wilmoth.
Last modified: January 10, 2020 3:27 PM UTC