TRON (TRX) Founder Justin Sun made an announcement earlier today that created expectations about what’s coming to the ecosystem. Furthermore, a second post by Sun made the value 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 throughout the headlines after its founder, Justin Sun, shared some news for the ecosystem on X (formerly often called 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 12 months. The brand latest technology allowed the creation of non-fungible tokens (NFT) throughout the Bitcoin blockchain and has seen different applications ever since.
Because it is likely to be created using any form of information, like audio, video, and pictures, other chains began to launch their inscriptions.
TRON developers and APENFT Foundation’s NFT team developed the inscriptions marketplace. All developers are welcome to construct throughout the TRON ecosystem, Sun said.
TRON’s native token didn’t appear to react to the news. TRX’s price has increased by 0.4% throughout the last 24 hours. At writing time, the token is trading at $0,1409, representing a mild 2.1% price surge throughout the 7-day timeframe.
TRX is trading at $0,1409 throughout the hourly chart. Source: TRXUSDT on TradingView.com
Nevertheless, 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 in regards to the launch are yet to be revealed. Nevertheless, 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 throughout 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.
#BTT soon… https://t.co/VZ5U09wDW6
— H.E. Justin Sun 孙宇晨 (@justinsuntron) March 4, 2024
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 throughout the chart below.
Just moments after the TRON founder’s comment, the value 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 on this timeframe.
BTT’s price performance before now 24 hours. Source: CoinMarketCap
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 starting of 2024 suggests a recovery from the past 12 months when the token reached its all-time low of $0,0000003654. The token’s price has increased 153.6% throughout the 1-year time-frame.
Its market capitalization sits at a robust $1.62 billion, making BTT the #64 largest cryptocurrency by this metric, in accordance with CoinMarketCap.
Featured image from Unsplash.com, Chart from Tradingview.com
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