The days of fomo driven crypto pumps appear to be returning to markets and the current coin of the moment is Tron.
Tron Rides The FOMO Train
The recent release of the BitTorrent Token whitepaper appears to have driven momentum over the past 48 hours for TRX. During Asian trading today TRX has posted another 12% gain as it climbed from $0.0236 (590 sats) to an intraday high of $0.0266 (662 sats). Daily volume has almost doubled to over $300 million with Binance taking around 23% of that.
Since the same time last Wednesday TX has made an impressive 35% as volume has surged over 340%. Over the past three weeks TRX has over doubled in price as it climbed from its 2018 low of $0.0126 (395 sats) in mid-December. It has consistently outperformed many of the other crypto assets and is currently the top performing token in the top 15 at the time of writing.
According to Forbes, Tron has been identified as one of the top four crypto assets alongside Ethereum, XRP, and the relatively unknown Apollo platform. According to Justin Sun, Project Atlas aims to “distribute tokens to users in Q1 of 2019. This will be the biggest platform for blockchain with over a hundred million users. The first step in building Project Atlas was to make BitTorrent Speed, which was built in less than 6 months.”
The BitTorrent Token whitepaper which recently hit the web and this enhanced relationship will merge BitTorrent’s massive user base, estimated at over 100 million, with Tron’s blockchain network. The initiative to tokenize bandwidth is not a unique one and the existing BitTorrent protocol will need to be optimized first. The project is an ambitious one but it could be the next stage in internet evolution if successful.
“By integrating BTT tokens and transaction processing we will both address existing limitations of BitTorrent and open up a whole new borderless economy exchanging value for compute resources on a global scale. This will be a realization and extension of the vision expressed by Satoshi Nakamoto in the original Bitcoin white paper on its tenth anniversary,” the paper concluded.
Tron is one of those altcoins that often gets a lambasting on crypto social media but there is no doubt it has one of the best marketing machines in the industry at the moment. Those multiple twitter feeds run by Sun et al are constantly updating with announcements about announcements and new partnerships big and small. Just like Apple, which has simply out-marketed its competitors, Tron has achieved the crypto equivalent. As a result TRX is currently riding the wave of fomo once again as it climbs the market cap charts, next target $2 billion and Tether in eighth.
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* First published on newsbtc.com