The price of TRON‘s native cryptocurrency TRX surged over 10 percent in less than hour following the news about Justin Sun’s long-awaited dinner with Warren Buffett. The lunch, which Sun famously paid $4.5 million, has added more than $185 million to Tron’s market cap.
TRX sees its price surge by 10 percent in half an hour
Out of all the cryptocurrencies in the market today, few are as sensitive to media hype as Tron (TRX) is. The 12th largest coin by market capitalization, TRX has gathered a community that follows every rumor and hearsay with either a massive dump or a turbo-charged buying spree.
The latter seemed to be the case earlier this week when the coin saw its price skyrocket after a month of slow and lagging growth.
After struggling to break above $0.021 for over a week, Tron jumped to $0.023 in the early afternoon hours of Jan. 6. The coin managed to increase in value by 10 percent in half an hour, making it the single highest jump in the past six months.
Graph showing the price of TRX on Feb. 6 and Feb. 7, 2020
The pump Tron has seen was fueled by news about Justin Sun‘s much-awaited lunch with Warren Buffet. Sun met with the legendary Berkshire Hathaway investor on Jan. 23 but shared information about the dinner they had on Feb. 6. According to Sun, Buffett is still skeptical about cryptocurrencies in general but saw great potential in blockchain technology.
Sun’s $4.5 million-dinner was an incredible investment for Tron
During the dinner, Buffett became the owner of one Bitcoin and around $100,000 worth of TRX, which were gifted to him by Sun. The investor was reportedly impressed with the transaction speed on Tron but is yet to see real-life use cases for the new asset class.
While Sun’s dinner with Buffett has been surrounded by controversy since last year, the outspoken entrepreneur certainly managed to make the most of it. The $4.5 million Sun paid to charity in order to meet with Buffett has had one of the largest ROIs out of all of his marketing endeavors.
According to data from CoinMarketCap, Tron’s market capitalization hovered between $1.2 and $1.3 billion in February and reached $1.372 billion on Feb. 6. When news about Sun’s meeting with Warren broke, both Tron’s price and its market cap saw a significant vertical spike. Tron’s market cap is $1.51 billion at the time of publishing.
Graph showing the market capitalization for Tron from Feb.1 to Feb. 7
The news about the meeting added a staggering $185 million to its market cap in a matter of hours, giving Sun’s $4.5 million bid an incredible return.
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