Tron Price is Up 11% in a Week, while the Cryptoverse Speculates Why

Tron Price is Up 11% in a Week, while the Cryptoverse Speculates Why
(Source: iStock/gerenme)

Tron blockchain project saw its native coin, TRX, jump 12% in the last seven days. There’s a lot of speculation going about the Cryptoverse as to what’s behind this push, whether it’s Tron Foundation's many daily updates, or perhaps John McAfee's latest promise.

At 10:15 UTC, the 11th coin by market capitalization trades at 0.016 USD. It’s up by 3% in the past 24 hours. The charts show the price gradually rising since September 26th when it was USD 0.012, and then picking up speed on September 30th. A smaller spike has been recorded on October 8th, and many are wondering what might be a contributing factor – or even a cause – for Tron’s latest rally.

TRX price chart:

There’s generally a green wave at the moment covering the crypto market, despite the likely hurdles in its way, with the absolute majority of top 20 coins being in green today.

Only eight days ago, major cryptocurrency exchange Binance announced their support for TRX staking, starting with October 1st. Furthermore, Tron Foundation and Tron’s founder, Justin Sun, are prolific tweeters, coming out with updates or announcements several times a day, which include giveaways, and most recently BTFS Daemon installation and configuration guide, while they also post weekly reports on their Medium page. The latest report says, in Sun’s words, that Tron “has added another 500,000 users on the mainnet in Q3 - with a total amount of over 3.7 million mainnet addresses.”

Speaking of BTFS, just recently, on October 1st, Sun and Tron Foundation announced the BittTorrent File System (BTFS) mainnet launch, which promises to bring cheaper transactions and greater decentralization into the blockchain world. While the testnet was available for the Tron blockchain only, the Foundation also announced the integration of the BTT token with the BTFS network in late 2019.

All this, or none of it, could’ve had an influence on the price rising in the past week. However, another twist in this story might’ve had something to do with this jump. In theory, at least. After teasing people on Twitter, famous crypto advocate and IT security entrepreneur, John McAfee, launched his non-custodial exchange, on October 7th, for which he claims was the victim of distributed denial-of-service (DDoS) attacks already. Though the beta version supports coins on the Ethereum blockchain only, “additional blockchains will be added to the full release,” said its founder. In fact, just a day before, McAfee seems to have confirmed that his exchange will be launched on Tron as well.


— John McAfee (@officialmcafee) October 6, 2019

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