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Justin Sun announces an announcement, TRON and BitTorrent jump

Justin Sun announces an announcement, TRON and BitTorrent jump

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.”

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.

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.

Source: CryptoSlate

BitTorrent, meanwhile, rose by 18 percent by noon the same day, which showed that the crypto industry was betting on something big going on with BTT.

Source: CryptoSlate

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.

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.

TRON | TRX

Updated: Nov 7 at 2:31 am PDT
$0.04
12.37%

TRON, currently ranked #10 by market cap, is up 12.37% over the past 24 hours. TRX has a market cap of $2.38B with a 24 hour volume of $1.53B.

Chart by CryptoCompare

TRON is up 12.37% over the past 24 hours.

Posted In: , People of Blockchain, Price Watch

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Priyeshu Garg
Author

Priyeshu Garg

Crypto Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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