A digital coin that was worth less than a dime just two days ago has tripled in value, reaching a staggering $0.30 at the time of writing, according to data from CoinMarketCap. The Singapore-based cryptocurrency has had an impressive bull run recently, growing nearly 15,000% over the span of a month – a growth that rivals Ripple’s 35,000% growth in 2017.
Thanks to the meteoric rise in value, Tron broke into the top 10 cryptocurrencies with ease and has climbed to the number 6 spot, sitting just $8 billion behind Cardano (ADA). Tron is now ahead of cryptocurrencies like Litecoin, Stellar and IOTA, all of which also had impressive rallies over the past week.
What is Tron?
According to their official website, Tron is a “blockchain-based decentralized protocol that aims to construct a free content entertainment system worldwide.” The developing team behind the currency – Tron Foundation – is a nonprofit organization that mainly engages in operating the TRON network in the principles of openness, fairness, and transparency.
Over the last few days, the founder and CEO of Tron, Justin Sun has been posting quite a few updates about the digital currency on his Twitter account.
On the 2nd of January, he announced that Tron has been getting partnership offers from NASDAQ-listed companies:
— Justin Sun (@justinsuntron) January 2, 2018
We are pleased to announce our partnership with https://t.co/SCU7seVS4G, a leading online gaming platform and launch first #TRON dogs games https://t.co/QRt7WVYrZl, where users can use #TRX to purchase various pets and enjoy the companion of virtual pets. https://t.co/XHHOC4zZwy pic.twitter.com/Zp5H70asqT
— Justin Sun (@justinsuntron) January 3, 2018
On Thursday, he released a teaser tweet about a partnership with a “very prestigious public listed company” that is scheduled to occur 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
Sun clearly has huge dreams for Tron. On the last day of 2017, he posted a tweet predicting that Tron will reach the top 10 cryptocurrencies in 2018 – a vision that was achieved just 4 days into the new year.
— Justin Sun (@justinsuntron) December 31, 2017
According to data from CryptoCompare, most of Tron’s trading volume comes from Bitcoin holders. As observed from the donut chart below, 76.43% of Tron was bought with Bitcoin, while 21.75% was bought with Ethereum.
At the time of writing, the market capitalization of Tron is at a whopping $19 billion.