A digital coin worth about a dime a day ago has doubled in price, briefly climbing into eighth place among cryptocurrencies by market capitalization. Tron climbed 112 percent Thursday to 20.5 cents, according to CoinMarketCap.
The website showed that tron’s latest gains gave the coin a market cap of $13.5 billion, greater than that of litecoin and just behind that of another coin, stellar. Litecoin had recovered eighth place by midafternoon Thursday.
Tron’s gains followed a tweet from founder Justin Sun early Thursday that the company “will announce our partnership with a very prestigious public company next week.” Sun tweeted later in the day that the news would come in a live stream event on “January 6th 10 am GMT+8 Beijing time.”
The company is focused on creating a blockchain-based platform for monetizing digital entertainment. Investors listed on its website include some big names in Chinese business today, such as Wei Dai, founder of bike sharing company ofo.
Tron’s surge follows a pattern of the last few weeks in which lesser-known cryptocurrencies have dramatically climbed into the ranks of the top 10 coins by market cap. Ripple has soared more than 1,000 percent in the last month into second place. Read more from cnbc.com…
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