Justin Sun caused the value of both TRON and BitTorrent to jump on Sunday morning after announcing that he might share a “huge” announcement on Twitter in the next few days.
Tron’s Justin Sun pumps TRX by announcing a possible announcement
Justin Sun, the founder of Tron and one of the most vocal crypto personalities on Twitter, caused quite a stir in the crypto community. On Sunday, May 26, Sun posted a tweet saying that “something huge and amazing” is going to happen with Tron and BitTorrent.
Teasing a possible future announcement isn’t anything new to Sun, who has become an internet meme in the crypto industry due to his sensationalist tweets. However, Sun’s latest announcement was more cryptic than usual, as he even noted that there was only a “70 percent chance to win and nail it.”
— Justin Sun (@justinsuntron) May 26, 2019
Sun’s tweets caused quite a reaction on social media, with many users mocking him for basically announcing an announcement that won’t happen for days.
The perfect announcement! Can't wait for a few more before the real announcement!
— Crypto Monopoly (@crypto_monopoly) May 26, 2019
Others have pointed out that the move was a marketing ploy used to pump the value of TRX and BTT.
TRX and BTT jump after Sun’s announcement teaser
As a testament to Sun’s ability to influence the market, the price of both TRX and BTT skyrocketed. TRON jumped by 11 percent within two hours of Sun’s announcement, trading at $0.03 at noon on Sunday. According to CoinMarketCap, the price growth was followed by a 30 percent influx in daily trading volume, which reached $800 million.
BTT bulls weren’t wrong. Sun released yet another announcement in the early hours of May 27, revealing the “first scalable file decentralized system,” the BitTorrent File System (BTFS), will go live in the next 3 days.
According to the update, BitTorrent will be a huge step up from Tron, which currently has over 1,000 full nodes. BTFS will have around 100 million user nodes, Sun said, making it the largest decentralized peer-to-peer network.
Welcome to the next generation of decentralized storage systems! #BTFS will be the largest decentralized P2P storage network with close to 100 million @BitTorrent user nodes, over 1000 #TRON full nodes, 27 SR nodes, and global #TronGrid nodes. 3 days left! Are you excited? pic.twitter.com/Gj3TzTM1Qg
— Justin Sun (@justinsuntron) May 27, 2019
The market was quick to respond for the second time in 24 hours, and BTT gained another 12 percent following Sun’s remarks. According to CoinMarketCap, BTT gained over 100 percent since May 1 and recorded two ATHs this week alone.