TRON Surges Nearly 9% After Founder Tweets About Forthcoming Partnership With ‘Industry Giant’

  • TRX's price surged nearly 9% after its founder Justin Sun tweeted about a coming partnership.
  • Per the CEO the partnership is with an 'industry giant' that's worth dozens of billions of dollars.

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.

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.

TRX surgd on the tweet

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.

GAS Rises 36% in a Day as Details on NEO 3.0 Emerge

The price of GAS, a cryptocurrency used within the NEO ecosystem, has recently seen its price jump by over 10% in less than a day as details on NEO 3.0 have started to emerge during the NEO DevCon 2019 in Seattle.

According to CryptoCompare data, GAS is currently trading above the $3 mark after seeing its price rise by nearly 36% in little time. Its market cap is now above $30 million, as the rise helped it become one of the top 100 cryptos.

NEOGAS' price performance in the last 24-hour period

What exactly is behind the rise is unclear, although some have suggested investors are gaining confidence on NEO 3.0 and have started acquiring GAS as a result. Others have claimed a whale may be accumulating the cryptocurrency.

The NEO blockchain notably has two cryptocurrencies: NEO and GAS. While NEO is seen as a representation of shares on the blockchain that can be used for electoral accounting and to obtain GAS dividends, the latter is the cryptocurrency used to pay for fees and services. NEO holders are rewarded with GAS dividends.

Details about NEO 3.0 that have emerged essentially revolved around the cryptocurrency’s scalability, security, efficiency, and a potentially increased number of transactions per second it’ll be able to handle.

Speaking in Seattle through a video presentation, NEO co-founder Erik Zhang revealed NEO 3.0’s goal is to support commercial applications on the blockchain, and although a date on its launch is to be determined, we know it’ll address the platform’s stability and scalability.

For one, NEO 3.0 will reportedly have native contracts, allowing for a higher number of transactions per second on the blockchain, and will allow users to access internet resources in smart contracts through URLs.

Its delegated Byzantine Fault Tolerant (dBFT) consensus protocol, which Zhang has in the past touted will become the “best consensus mechanism for blockchains,” will also get rid of some flaws that stop node synchronization from being more efficient.

It has also recently been revealed NEO Global Development (NGD) is opening an office in Seattle, headed by a former  Microsoft executive. NEO’s first decentralized exchange, Switcheo, has also added support for various Ethereum-based ERC-20 tokens late last year.