April 5th – turned out to be a great day for all TRON enthusiasts as the digital asset rose 30.00% in only a day. From $0.02939 where it was trading at the beginning of the day, the pair TRX reached $0,050131.
Recent TRX pump
Let's find out the possible reasons for this growth.
Justin Sun announces the launch of Tron’s Testnet
On March 30, Justin Sun, CEO of TRON, surprised his 400,000+ followers and went live on Twitter and Periscope to announce the launch of TRON’s testnet.
Justin Sun announces the launch of the TRON Testnet
Barely three days after the testnet was launched, TRON reported a total of 126 nodes in 5 different continents, the initial update showed United States with the highest number of node launch, with 50 nodes.
Two days after the TRON Team announced a total of 126 nodes, an update was released. But soon after Justin Sun announced 253 nodes have been confirmed.
Justin Sun's statement about nodes
Another major step made by TRON was its availability on CoinFlip. Being one of the most renowned digital currency ATMs that are used by investors and traders in a global-range, CoinFlip’s ATMs have been delivering various cryptos to users in many terminals. On 2nd of April, CoinFlip started supporting TRON along with its previously existing list of Litecoin, Ethereum, and Bitcoin. This phenomenon is likely to increase the accessibility of TRX to its users considerably, eventually increasing its circulation and popularity.
Tron already has decentralized apps on it platform as can be seen on the project’s website. The most notable is Peiwo which is an audio-based post-95s social software.
Bithumb lists TRON
With a 24h trading volume just shy of $400m, Bithumb is one of South Korea’s most popular exchanges and previous Bithumb listings have also benefited from significant price increases.
Justin Sun announces TRX listing on Bithumb
Following a VeChain listing on April 2, the price of VEN tokens jumped 31% in little more than two hours; ICON (ICX), which was listed last month, surged by as much as 80% following its listing.
In the past six hours since Bithumb’s announcement, Tron’s trade volume has boomed by over $700m; following the testnet launch, trade volume increased by $100m.
TRON trading volume and market capitalisation
Crypto investors are still responding more favorably to an exchange listing than a development step. Like most exchanges, Bithumb has strict criteria for selecting and listing new digital assets.
Upbit lists TRON
One more famous cryptocurrency exchange Upbit in Korea opened deposit and withdraw of TRX, trading pairs of TRX/BTC, TRX/ETH.
Justin Sun announces listing of TRX on UPbit
Upbit is the largest cryptocurrency exchange in Korea, it was established by Dunamu, a Korea financial science company and Bittrex, a famous cryptocurrency exchange in US. It not only supports more than 200 trading pairs, more than 110 tokens but also supports KRW trading pairs.
As one of the largest digital asset exchanges in Korea, Upbit gained explosive growth in a short period of time. This recognition of TRON will promote TRON’s further development in South Korea. South Korea has always been one of the core market of TRON, supporters and believers of TRON community in South Korea are massive, in the future, TRON team will further expand the cooperation with South Korea Partners to attract more South Korean developers and hand in a satisfactory answer for supporters and believers in South Korea and around the world.
It is unknown whether direct trading against the Korean Won, instead of just other crypto coins, lead to a radical change in risk profile and a boost to the price. But just hours after the launch, the Upbit market took over 45% of TRX trading volumes, leaving the share of Binance down to 15%. Before, the chief price setting market for TRX was Binance. Additional trading against BTC lifts the share of Upbit above 50%.
Tron is currently trading at $0.03 without any major fall or gain. TRX volume at the moment of press is $328 213 000. TRX is placed at the 13th position with a market cap of $2.3 billion.