The TRON price (TRX/USD) has surged more than 15 percent in the past 24 hours, outperforming an upbeat cryptocurrency market.
Like other major digital coins, TRON enjoyed a strong finish to today’s session, rising to $0.045, shortly after it had hit an intraday low of $0.041.
The cryptocurrency remained stable in today’s morning session, building a strong foundation for another sharp rise. The rally finally resumed in the afternoon session, taking TRON to an intraday high of $0.051. This was the coin’s first break above the $0.05 barrier in nine days.
The coin has since pulled back slightly and its price is currently hovering around $0.049.
TRX’s gains could be attributed to recent moves made by TRON and its founder Justin Sun. Last week, Variety reported that TRON was buying software company BitTorent. Subsequent media reports suggested that he two parties had reached an agreement over an acquisition price of $140 million.
Meanwhile TRON is just days away from migrating from the Ethereum network to its own blockchain. The migration process is set to start on June 21 and is expected to be finalised on June 25. The TRX migration is supported by 30 crypto exchanges, including Binance, OKEx, Huobi, Bitfinex and Bithumb, TRON says on its website.
“If your TRX is held on an exchange, no action is required. If your TRX is held in a wallet, you must deposit your TRX to an exchange before June 24, 2018 to avoid any losses,” TRON advises TRX holders.
In today’s trading, the TRON price stood at $0.048, as of 15:50 BST. The digital coin has gained $16.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. TRON’s market capitalisation currently stands at $3.2 billion, which makes the token the tenth most valuable digital currency on the market.