BitTorrent’s token (BTT) and TRON’s TRX have both recently seen their prices rise after Justin Sun announced a “big win for the blockchain community” is going to be announced on June 3, likely helping speculators invest in the cryptocurrencies.
This is notably not the first time Justin Sun announced an announcement on social media to his over 1 million followers. Earlier this week, he claimed something “huge and amazing” could soon be shared with them, although he noted he had a “70% chance to win and nail it.”
In his new announcement of an upcoming announcement, he revealed he “did it,” and it was a “big win” for the community, and detailed the announcement was coming on June 3.
— Justin Sun (@justinsuntron) June 1, 2019
Some believe the upcoming announcement initially referred to the release of the BitTorrent File System (BTFS) protocol, that’s set to allow users to “receive and host storage and their computers with other individuals and businesses.”
Although it isn’t yet clear what Sun is planning to announce, his tweets have influenced the market, as the value of both TRX and BTT surged shortly after he posted them.
TRX, BTT Surge thanks to Justin Sun’s Tweets
Currently, according to CryptoCompare data, the price of TRX is up by 13% in the last 24-hour period, as each token is trading at $0.04. In the last 30 days, the cryptocurrency’s price went up by nearly 65%, and its trading volume has accompanied it.
BitTorrent’s BTT token, on the other hand, only rose by 4.2%, with each token trading at $0.00169. In the last 30 days it’s up by a whopping 153%, and the recent rise came after a dip to $0.0015, which could mean Justin Sun’s tweet coincided with a recovery.
As some analysts have claimed, BTT’s drop is expected as according to a Medium post from BitTorrent, the piracy-focused token is being distributed to TRX holders, with an airdrop that’s totaling 1.2% of its supply, 11.88 billion tokens, being rolled out this year.
This could add selling pressure to the price of BTT, as some users are likely going to sell their token as soon they get them. Moreover a recent announcement from Opera revealing it’s set to add support for the TRON blockchain and multiple others on its built-in cryptocurrency wallet is likely also aiding the tokens.
BTT is a TRC-10 token based on the TRON network, launched after its acquisition of BitTorrent was confirmed. Likely supporting the price’s rise could be the addition of new decentralized applications this week, that brought the network’s total to 447 according to a TRON weekly update.