Tron (TRX) has become the newest member of the cryptocurrency top 10 after its price more than doubled in yesterday’s trading.
The lesser-known digital coin on Thursday surged more than 100% to a close of $0.207, according to data from cryptocurrency tracker Coinmarketcap. The coin continued its advance in the early hours of today’s trading, hitting an all-time high of $0.300 at roughly 02:25 GMT. At that point it was the sixth-largest cryptocurrency on the market.
The Tron price rally has seemingly run out of steam in more recent trading, with the token currently hovering around yesterday’s closing level. At current price levels the coin has a total market capitalisation on over $13 billion, which makes it the eighth most valuable cryptocurrency.
Tron’s price surge followed a Wednesday tweet by the founder Justin Sun, who said that the company would announce a partnership “with a very prestigious public company next week”. He later said that the partnership would be revealed during a “a live streaming on January 6th 10am GMT+8 Beijing time”.
The Tron project aims to create “a worldwide free content entertainment system” utilising the blockchain and distributed storage technology. According to information on its website, the project has been backed by some prominent figures in China’s business circles, including the founder of bike sharing company ofo Wei Dai and the co-founder of BTC China Linke Yang.
The Pei Wo App, a Chinese social application used by more than 10 million people, is expected to be the first app to implement the Tron protocol. Pei Wo was also founded by Justin Sun.
Created via an initial public offering that took place in September, the Tron token has already been listed on a number of cryptocurrency exchanges, including HitBTC and OKEx. However, Binance is by far the most popular destination for TRX trading, Coinmarketcap data shows. The Shanghai-based exchange accounts for nearly 85% of the coin’s 24-hour trading volume, which currently stands at $3.75 billion.
In today’s trading, the Tron price stood at $0.200, as of $11:32 GMT. The digital coin has gained 30.7% in the past 24 hours.