TRON (TRX) Price Leaps on News of Partnership with ‘Industry Giant’

The TRON (TRX) price rose more than 10% on Friday on anticipation of an upcoming partnership with an “industry giant.”

“Finally, first time to partner with tens of billions USD valuation industry giant. Guess the name,” TRON Foundation founder and CEO Justin Sun tweeted on Friday.

https://twitter.com/justinsuntron/status/1050721196843495426

The announcement had the crypto community buzzing, with some joining the guessing game and pointing to Alibaba as the likely partner. However, many disagreed, claiming that Sun would have written “hundreds of billions” instead of “tens of billions” in his tweet if he meant the Chinese internet giant. According to one report, Internet search provider Baidu is the potential suitor.

Established in July 2017, TRON reached an all-time high of $0.217 in January 2018. Since then, the coin has seen its value drop by almost 90% amid a generally subdued crypto market. After a relatively long spell of sitting around and under the $0.02 level, the TRX price jumped almost 11% up to $0.0235 on Friday, driven by the excitement around the mysterious partnership. It gained a further 3.5% in the following 24 hours.

The hike is also attributed to the successful activation of the Tron Virtual Machine on the day of the secret partnership announcement. The bullish news supporting the coin included TRON’s recent introduction of new fiat pairs, as well as the launch of its next version, Odyssey 3.1. The update promises to make TRON 200 times faster than Ethereum and 100 times cheaper than EOS.

The bull run has brought TRON’s market capitalization to just above $1.6 billion, putting it one step closer to regaining its title and spot as the 10th most valuable cryptocurrency – a position it lost to Monero (XMR). The market cap of the popular privacy coin currently stands at $1.69 billion.