Tron TRX Price Is Flying Up

Twitter is going crazy over the recent pump from TRON (TRX) on Bitmex which saw TRX fly up by around 48% in around 15 minutes before crashing right back down liquidating both long and short positions. "Tron TRX Price Is Flying Up"





Right now users on Twitter are in a state of confusion, not quite sure what to think after the pump and subsequent dump of TRX.









A short squeeze is a swift increase in the price of an asset, occurring when there is a lack of supply and an excess of demand for the said asset. When a heavily shorted asset rapidly moves higher, the upwards movement causes the closing of similarly shorted positions, causing a domino effect which pushing the price even higher.





The cryptocurrency market has been taking most of the major coins on a ride over the past few weeks. Tron [TRX], the tenth-largest coin on the CoinMarketCap list, has been rescued by the bull and is seeing large growth over the past hour.





At the time of press, Tron [TRX] was seen pumping by over 10 % in the past hour. The coin was valued at $0.0279, with a market cap of $1.864 billion. The coin registered a 24-hour trade volume of $213 million while noting a growth of 7.93% over the past day. TRX, which the eighth-largest coin, has noted a growth of 1.08% over the past week and currently seeing a staggering high. The coin has broken earlier marked resistances within the past hour on February 4 and is now undergoing correction with the same speed.





The similar hike was observed a week back when Tron pumped and took over the Stellar Lumens [XLM] and Litecoin [LTC] for a while to go as high as the sixth position on the CoinMarketCap list when the coin touched the $2 billion mark in terms of market cap. However, on January 28, the coin settled for the eighth position with a market cap of $1.929 billion.





At the time of press, the coin was highly traded on OEX, which registered a volume of $58 million with the TRX/ETH pair. OEX was followed by UPbit, noting a volume of $20 billion with the TRX/KRW pair.



