Amid a bear market, Tron (TRX) price has surged over 10% after rumors have leaked of a potentially important partnership. According to some reports, Tron will be partnering with the Chinese internet giant Baidu. The information was leaked just some time ago, with no confirmation from either company. Additionally, Justin Sun gave some hints on Twitter.
Will Tron Partner With Baidu?
Still sites like CoinNess.com are reporting Tron will be cooperating with Baidu. On Twitter, the company confirmed the partnership citing the Tron Team. Apparently, the official confirmation will be revealed by Baidu Cloud next week.
The Tron team told https://t.co/reZ2fjHrZq that a partnership had been confirmed between Tron and China's IT giant Baidu, which will be officially revealed by Baidu Cloud next week.
— CoinNess-Live Crypto Market and News (@CoinNessCom) October 12, 2018
At the same time, Justin Sun, CEO and founder of the Tron Foundation said that they partnered with a company with tens of billions USD valuation.
On the matter, he wrote:
“Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”
As soon as the news of the rumor spread on the internet, the price of the Tronix cryptocurrency grew 13%. TRX moved from $0.02 to $0.023 dollars in just a few hours. During the same time, several virtual currencies were losing almost 4% of their value.
In the last days, the virtual currency market lost over $25 billion dollars valuation. At the moment, the total cryptocurrency market capitalization is $202 billion dollars.
Currently, Tron is the 11th most valuable virtual currency according to its market capitalization ($1.55 billion dollars). Each TRX coin can be bought for $0.023 dollars and in the last 24 hours, it registered a 4% increase.
Although Tron performed very well in the last hours, it was not able to reach $0.028 dollars, the highest point in the last month. Since the beginning of the year until now, Tron has lost more than 90% of its value. Other cryptocurrencies have also registered similar losses.
During the last week, Sun said that Tron is going to be 200 times faster than Ethereum and 100 times cheaper than EOS. Both, Ethereum and EOS are direct competitors of Tron and its network.
In the next weeks, the official announcement about the agreement between Tron and Baidu could be confirmed.
Want to read more about TRON and TRX price? You can read our full 2018 Tron Price Prediction breakdown here, where we speculating big partnerships like this could give TRX price a huge boost.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.