By Tobi Loba
As the top cryptocurrencies in the market falter in terms of price, Tron (TRX) keeps recording gains enough to displace the privacy coin Monero (XMR) from the 16th position.
This recent price appreciation has been attributed to the “exciting project” announcement hinted by the founder and CEO of Tron (TRX), Justin Sun.
The Pre-Announcement Made By Justin Sun
On 30th May 2020, Tron (TRX) founder, Justin Sun, took to Twitter to inform his teeming followers and Tron community members about an exciting project to be unveiled on 8th June.
Justin Sun shared this, “We have an exciting project to be announced in June 8! Stay tuned and make a guess!”
We have an exciting project to be announced in June 8! Stay tuned and make a guess!
— Justin Sun 🅣🌞 (@justinsuntron) May 30, 2020
Tron (TRX) Records Price Gains
Tron (TRX) now occupies the 16th position in the crypto market, and the price of the digital token is still on the increase. It is now closer to displacing UNUS SED LEO (LEO), and there is a possibility for the cryptocurrency to keep up the price appreciation until the announcement is finally made by Justin Sun.
At press time, TRX is trading at $0.0181, with a relatively 7% price upsurge in the last 24 hours. Also, the digital currency now has a total market cap of $1,206,915,536.
Justin Sun Continues to Make Pre-Announcements
On a number of occasions, Justin Sun had made pre-announcements, which has always ended in tons of criticism from crypto community members. However, criticisms he usually faces as a result of his actions have not been able to dissuade him from his business model.
Some members of the crypto community have constantly accused him of using the pre-announcements to pump the price of the digital token TRX in the market.
We now have a few hours into the announcement, and this type of tactic has at times failed to work as planned. Before the announcement, some investors would have overbought, hoping to see a major development, which could end in less notable outcome or loss. However, no one knows what this upcoming announcement has to offer investors.