A digital coin in the cryptocurrency world that only a few days ago was worth about $0.10, has now doubled in price, taking it to eighth place in the cryptocurrency world by market capitalization. The coin known as Tron managed to shoot up by as much as 112% on during the beginning of the new year, with a market cap of over $13.5 billion. This gain in price made the coin jump above lite coin, which had managed to hold its position for quite some time prior.
Many believe that the gains in price came from a tweet from the founder of the coin Justin Sun, which happened around the same time that the coin shot up. The tweet stated that the company “will announce our partnership with a very prestigious public company next week.” He then gave out a date as to when this will be announced. The company has been focused on creating a blockchain based platform that would help to monetize digital entertainment. This works in the form of being able to reward online entertainers with currency that is totally digital.
The way that this occurred prior to this coin was through advertisements and going through a larger company or website. Now, entertainers online can directly take payments in this currency or simply charge a fee for watching their product. The surge in price for Tron is not fully unique however, as many other coins in the space such as Ripple have managed to climb as well. Ripple recently soared as high as 1,000% in only a month, taking it briefly to second place in the list of cryptocurrencies by market capitalization. The hopes are high that these coins can maintain their high gains, cementing their place in the larger crypto economy.