TRX sees its price surge by 10 percent in half an hour
Out of all the cryptocurrencies in the market today, few are as sensitive to media hype as Tron (TRX) is. The 12th largest coin by market capitalization, TRX has gathered a community that follows every rumor and hearsay with either a massive dump or a turbo-charged buying spree.
The latter seemed to be the case earlier this week when the coin saw its price skyrocket after a month of slow and lagging growth.
After struggling to break above $0.021 for over a week, Tron jumped to $0.023 in the early afternoon hours of Feb. 6. The coin managed to increase in value by 10 percent in half an hour, making it the single highest jump in the past six months.
The pump Tron has seen was fueled by news about Justin Sun‘s much-awaited lunch with Warren Buffet. Sun met with the legendary Berkshire Hathaway investor on Jan. 23 but shared information about the dinner they had on Feb. 6. According to Sun, Buffett is still skeptical about cryptocurrencies in general but saw great potential in blockchain technology.
Sun’s $4.5 million-dinner was an incredible investment for Tron
During the dinner, Buffett became the owner of one Bitcoin and around $100,000 worth of TRX, which were gifted to him by Sun. The investor was reportedly impressed with the transaction speed on Tron but is yet to see real-life use cases for the new asset class.
While Sun’s dinner with Buffett has been surrounded by controversy since last year, the outspoken entrepreneur certainly managed to make the most of it. The $4.5 million Sun paid to charity in order to meet with Buffett has had one of the largest ROIs out of all of his marketing endeavors.
According to data from CoinMarketCap, Tron’s market capitalization hovered between $1.2 and $1.3 billion in February and reached $1.372 billion on Feb. 6. When news about Sun’s meeting with Warren broke, both Tron’s price and its market cap saw a significant vertical spike. Tron’s market cap is $1.51 billion at the time of publishing.
Graph showing the market capitalization for Tron from Feb.1 to Feb. 7
The news about the meeting added a staggering $185 million to its market cap in a matter of hours, giving Sun’s $4.5 million bid an incredible return.
TRON, currently ranked #12 by market cap, is down 1.64% over the past 24 hours. TRX has a market cap of $1.48B with a 24 hour volume of $1.76B.
Chart by CryptoCompare
Posted In: Tron, Altcoins, Analysis, People of Blockchain, Price Watch
Like what you see? Subscribe to CryptoSlate
Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.
Sign up to stay informed
Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.
View author profile
Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.