The relatively unknown newcomer Tron is pushing its way to the top of the cryptocurrency chart.
The price movement comes as almost all alts are enjoying a big increase in volume. TRX is up over 150% for the past 24 hours and is now selling for .20 per coin, and is currently sporting a $13 billion+ market cap!
Good News Is Spurring a Feeding Frenzy of Buyers
The rapid rise of the crypto coin is also attracting traders who are looking for a quick ride to the top.
Developer Justin Sun announced on his Twitter that Tron will be announcing a partnership with a “prestigious public listed company” as soon as next week. Investors are responding to the news by buying up the currency with a vengeance.
Some speculators are also saying that their will soon be an announcement about Tron getting a listing on CoinBase. However, there are no reliable indicators that this move is happening just yet.
Investors Love the Jack Ma Alibaba Connection
Sun has a large following on Twitter, largely owing to his close connection has a protégé of billionaire Jack Ma. Ma is the founder of Alibaba and that leads investors to believe that the project will have access to the deep pockets of massive existing corporations. Could Alibaba be the partnership that Sun references in the Tweet? Smart money must believe that it’s a possibility.
Why Are People Buying Tron (TRX)?
Investors in crypto are getting their largest returns from cryptocurrency ecosystems that spur economic development. A review of Sun’s latest tweets indicates the foundation is working to add significant value. Partnerships with companies like ride sharing leader OBike will lead to increased network transactions and usage which will increase the value of the underlying asset and blockchain.
If you’re looking for the potential for growth (such as another Ripple), Tron (TRX) might just be the story of 2018.