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TRON (TRX) founder Justin Sun made an announcement earlier today, creating anticipation for what is to come for the ecosystem. Additionally, Sun's second post caused the Token price to increase by 24% in just a few minutes.
TRON-based inscription market will launch soon
Recently, the TRON network was in the news after reaching a total of 95 million addresses. As reported by NewsBTC, TRON has significantly surpassed other Layer 1 networks in address growth, including Avalanche and Cardano.
This time, TRON came into the spotlight after founder Justin Sun shared some news about the ecosystem on X (formerly known as Twitter.)
Sun posted on Monday morning to inform the crypto community that a TRON-based inscription market is coming soon. “Exciting news,#TRONbased script market is coming soon,” said TRON founder.
Inscriptions became popular after the launch of Bitcoin Ordinals last year. The new technology allows for the creation of non-fungible tokens (NFTs) in the Bitcoin blockchain and has had many different applications since then.
Since it can be created with any type of data, like audio, video, and images, other chains started rolling out their streams.
TRON developers and the APENFT Foundation NFT team developed the inscriptions market. Sun said all developers are welcome to build in the TRON ecosystem.
TRON's native token did not appear to react to the news. TRX price has increased 0.4% in the past 24 hours. At the time of writing, the Token is trading at $0.1409, representing a slight price increase of 2.1% over the 7-day time frame.
However, the token's trading volume was $367.3 million, up 21.48% from the previous day, according to CoinMarketCap data.
As of this writing, further details about the launch have 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 the Inscription Marketplace, allowing users to create and trade inscription tokens within the Binance app.
Justin Sun behind BitTorrent (BTT) price increase?
Following the announcement, Sun, who acquired BitTorrent in 2018, cited his post to 'announce' news related to BTT. BitTorrent is a file sharing platform built on the TRON blockchain.
#BTT will soon… https://t.co/VZ5U09wDW6
— HE Justin Sun 孙宇晨 (@justinsuntron) March 4, 2024
Two words posted by the blockchain entrepreneur caused the token price to increase by 24%. The price of BTT had been flat in the 24 hours prior to Sun's post, as seen in the chart below.
Just moments after the TRON founder's comments, the price quickly increased from 0.000001526 USD to 0.0000017 USD. One hour later, BTT trading volume increased from $100.14 million to $151.6 million, an increase of 51.4% in this time frame.
The token reached $0.0000018 before falling back to the $0.0000017 price range. At the time of writing, the price of BTT was 0.000001755 USD, a price increase of 24.6% compared to the previous day. The 7-day and 30-day performance show notable price gains of 68% and 118%, respectively.
The performance seen since the start of 2024 shows a recovery from last year when the token hit an all-time low of 0.0000003654 USD. The price of the token has increased by 153.6% in a 1-year time frame.
According to CoinMarketCap, its market capitalization stands at an impressive $1.62 billion, making BTT the 64th largest cryptocurrency by this metric.
Featured image from Unsplash.com, Charts from Tradingview.com
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