For one hour on August 5th, the Tron cryptocurrency was the most highly searched coin on Twitter, a fact that Justin Sun was quick to highlight. The Tron cryptocurrency (TRX) was mentioned 1,611 times while
Tron cryptocurrency ascendency
The rise of Tron has been meteoritic, despite some scandals, primarily the accusation of code copying. Justin Sun of Tron has a huge, almost cult-like following. His Tweets and social media marketing are playing a large part in the success of Tron, though this too has come under criticism as a new form of marketing instead of building a solid product. Tron is an environment for the development of decentralized applications (dApps), its main competitors being Ethereum and Eos.
Tron has been active in the past couple of months implementing new features. They recently launched the Tron Virtual Machine (TVM), and the foundation is claiming that the TVM will enable Tron to surpass Ethereum in daily volume. While Ethereum has the largest market share, it is running into scalability issues which need to be swiftly resolved.
Tron also recently migrated from an ERC-20 token with its ‘Independence Day’, and acquired BitTorrent for USD 126 million (according to Techcrunch). On August 5th, Justin Sun also announced that TRX could be traded on Humming Pay, a blockchain based payment platform. Tron cryptocurrency vouchers are now accepted in over 20,000 Italian and Spanish stores.
In recent months, TRX has been showing solid price growth, with many indicators showing yet more upside potential. At the time of this writing, it is the 10th largest coin by market capitalization.
Who is Justin Sun?
Justin Sun is the founder of Peiwo application, which is setting out to become the Chinese version of Snapchat. The voice streaming app currently has over ten million users. At the age of 26, Sun was hand picked by Alibaba founder Jack Ma to study at the Jack Ma Hupan university for entrepreneurs, a university with a lower acceptance rate than Princeton. Justin Sun is the chief representative and advisor at Ripple Labs.
He is something of an icon in the industry. His youthful appearance is also more in line with a new world of cryptocurrency adoption, compared to a former fiat financial system controlled by stern figures in dark suits. The success of Tron cryptocurrency is due almost entirely to his influence. Either way, Tron is rapidly advancing, at the expense of the more established cryptocurrencies.