The CEO of the TRON foundation Justin Sun has recently tweeted out the organization is about to partner with an ‘industry giant’ that’s worth tens of billions of dollars. His tweet drew in controversy and excitement, and got the price of the TRX token up nearly 9%.
Responding to Justin Sun’s tweet, various social media users claimed he should be more careful with these announcements as they hype investors and can lead to price fluctuations, while others joined the guessing game pointing to companies like Alibaba, Baidu, and more.
— Justin Sun (@justinsuntron) October 12, 2018
This isn’t the time the CEO’s tweets make headlines this week, as earlier Sun claimed a new update would make the cryptocurrency’s blockchain “200x faster” than that of Ethereum, and at prices up to 100 times cheaper than EOS.
At the time, TRX’s price surged 8% on Sun’s tweet as he promised the network’s new version was set to deliver what other blockchains failed to. Ahead of the major partnership’s announcement, his tweet saw TRX’s price surge nearly 9%, according to CryptoCompare data.
Despite the price surge TRX still hasn’t managed to climb back to its recent 30-day high of about $0.028, as it’s currently trading at about $0.024. The cryptocurrency is down about 90% from its all-time high of over $0.25.
Recently, TRON had other developments which included the release of an updated toolkit for developers, that’s set to help them create decentralized applications (DApps) for the cryptocurrency’s ecosystem.
Earlier this year Justin Sun successfully acquired Rainberry Inc, formerly known as BitTorrent, and announced it was going to integrate it into the TRX ecosystem, giving it 100,000,000 new active users. Reportedly, seeders on the platform may be rewarded with crypto.
Thanks to BitGuild, the first blockchain-based game on the TRON network was launched earlier this month. The game, Magic Academy, revolves around wizards and item prizes that are set to incentivize gamers. It’ll also have a ranking system.