Moneycontrol News
The recent rally in digital currencies has brought another cryptocurrency into the limelight. Say hello to Tron (TRX), which has gained more than 538 percent in the last five days and broke into the list of top 10 cryptocurrencies in the world.
Tron's price has been climbing for the last couple of months and so has the investment in it. With a market capitalisation of USD 15.07 billion, it has the sixth-largest market capitalisation in the world among digital currencies.
Having started its innings in September at a price of one fifth of a cent, Tron is now trading at a price of around 20 cents. That means anyone who bought USD 10,000 worth of Tron when it started off would now be sitting on a cool USD 1 million. In just three and a half months!
The digital currency was trading 26 percent higher on Friday at around 19 cents, according to CoinMarketCap.
Tron more than doubled on Thursday alone after a tweet from its founder Justin Sun said that the firm ‘will announce our partnership with a very prestigious public listed company next week. Looking forward to it!’
The altcoin is a blockchain-based currency built on a decentralized protocol with a goal to construct a worldwide free-content entertainment system using blockchain and distributed storage technology.
The official token of Tron is known as Tronix, a basic unit of accounts in Tron’s blockchain. It was founded by Justin Sun, a 27-year-old Chinese citizen, who was listed by Forbes in its 30 under 30 Asia: Consumer Technology.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
