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Exciting Launch For TRON (TRX) Coming, Justin Sun Announcement Sent This Token 24% Up

TRON (TRX) Founder Justin Sun made an announcement earlier today that created expectations about what’s coming to the ecosystem. Additionally, a second post by Sun made the price of a token surge by 24% in a matter of minutes.

TRON-Based Inscriptions Market To Launch Soon

Recently, the TRON network made it into the news after reaching 95 million total addresses. As reported by NewsBTC, TRON significantly surpassed other Layer-1 networks in address growth, including Avalanche and Cardano.

This time, TRON is in the headlines after its founder, Justin Sun, shared some news for the ecosystem on X (formerly known as Twitter.)

Sun posted on Monday morning to inform the crypto community that a TRON-based inscription marketplace is coming. “Exciting news, the inscription market based on #TRON is about to launch,” said the TRON founder.

Inscriptions became popular after the launch of Bitcoin Ordinals last year. The new technology allowed the creation of non-fungible tokens (NFT) in the Bitcoin blockchain and has seen different applications ever since.

As it can be created using any type of data, like audio, video, and images, other chains started to launch their inscriptions.

TRON developers and APENFT Foundation’s NFT team developed the inscriptions marketplace. All developers are welcome to build in the TRON ecosystem, Sun said.

TRON’s native token didn’t seem to react to the news. TRX’s price has increased by 0.4% in the last 24 hours. At writing time, the token is trading at $0,1409, representing a mild 2.1% price surge in the 7-day timeframe.

TRX, TRON, TRXUSDT

However, the token’s trading volume of $367.3 million accounts for a 21.48% surge from the day prior, per CoinMarketCap data.

As of this writing, further details about the launch are yet to be revealed. However, the community welcomed the news positively. Many expressed excitement to see what the TRON ecosystem could bring to the NFT market.

Similarly, crypto exchange Binance recently revealed its Inscription Marketplace, allowing users to create and trade inscription tokens within the Binance app.s

Justin Sun Behind BitTorrent (BTT)’s Price Surge?

After the announcement, Sun, who acquired BitTorrent back in 2018, quoted his post to ‘announce’ BTT-related news. BitTorrent is a file-sharing platform built on the TRON blockchain.

The two words posted by the blockchain entrepreneur sent the token’s price up by 24%. BTT’s price was moving sideways the 24 hours before Sun’s post, as seen in the chart below.

Just moments after the TRON founder’s comment, the price quickly went from $0.000001526 to $0.0000017. An hour later, BTT’s trading volume increased from $100.14 million to $151.6 million, a 51.4% increase in this timeframe.

The token reached $0.0000018 before the pullback to the $0.0000017 price range. At writing time, BTT’s price is $0.000001755, accounting for a 24.6% price increase from the day prior. The 7-day and 30-day performances display a notable price surge of 68% and 118%, respectively.

The performance seen since the beginning of 2024 suggests a recovery from the past year when the token reached its all-time low of $0,0000003654. The token’s price has increased 153.6% in the 1-year time frame.

Its market capitalization sits at an impressive $1.62 billion, making BTT the #64 largest cryptocurrency by this metric, according to CoinMarketCap.

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Follow Up: BitTorrent (BTT) Crashes 40% After Logging Milestone Price Rally

Traders who bought BitTorrent at its top, believing that the Justin Sun-backed token would keep on pumping, are now facing huge intraday losses.

The BTT/USD exchange rate crashed by more than 40 percent after setting up a record high of $0.0134, questioning catalysts that prompted BitTorrent’s explosive upside move in the first place. Earlier, NewsBTC has raised alarms about an absence of concrete fundamental factors that should have been backing the BTT’s price rally. Excerpts:

“Traders might unload a portion of their BTT holdings to secure maximum profits. That could push the token towards its next downside target that lurks near its 20-4H exponential moving average (the green wave). If profit-taking intensifies, BTT will fall towards the blue wave target — the 50-4H simple moving average. That would wipe out almost most of the BTT’s 2021 profits.”

BitTorrent dumps more than 40 percent from its record high level. Source: BTTUSD on TradingView.com
BitTorrent dumps more than 40 percent from its record high level. Source: BTTUSD on TradingView.com

Except, one factor, the so-called altcoin season, or altseason, attempted to justify BTT’s gains to a certain degree. Altseasons point to a growth in digital assets that rival the top cryptocurrency, Bitcoin. BitTorrent, an alternative cryptocurrency, gained almost in sync with other altcoins, including Ethereum, Binance Coin, Litecoin, XRP, and others, indicating that bulls were merely riding the upside craze.

Is BitTorrent Still Bullish?

BitTorrent’s downside correction did little in offsetting its long-term bullish bias. The BTT/USD exchange rate was still up more than 3,000 percent on a year-to-date timeframe. While that made the pair extremely overvalued — according to its one-day Relative Strength Indicator readings, the ongoing craze in the altcoin market indicated that it would find sessional support in the short term.

The BitTorrent official Twitter channel attempted to underscore the BTT’s bullish bias by announcing a flurry of development updates. It noted that the BitTorrent File System would increase network decentralization by guarding testing on both client and server ends.

Nevertheless, the BTT/USD rate started heading lower hours after BitTorrent’s tweets.

What now appears possible is that BitTorrent finds support either in its 20-4H moving average or its 50-4H moving average. If the token manages to sustain above those levels, its possibility of bouncing back will remain higher. Else, it would risk falling to near $0.001, the Feb-March support level.

Photo by Sven tillack on Unsplash