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Tron (TRX) has spiked more than 12% at time of writing, according to the latest data on CoinMarketCap.

The spike came hours before Tron founder Justin Sun announced that the network’s super representatives have achieved consensus and that the Tron Virtual Machine is about to launch. The virtual machine is an important step for the young blockchain. It will give developers the tools they need to create decentralized apps that read and execute smart contracts on the Tron network.

Based on community consensus, #TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you! $TRX — Justin Sun (@justinsuntron) October 8, 2018

The price surge also follows a new interview with Sun, who told Investopedia he believes Tron will be a top 10 cryptocurrency by market cap in the next six months.

“If we look at the top 10 cryptocurrencies, many of them are not motivated to continue innovating or improving their product. They represent the older generation of cryptos. Tron, on the other hand, is a young company with cutting edge technology, with much more room for growth. We are confident that Tron will surge into top 10 in the next six months.”

If today’s rise in price holds up, Tron is nearly in the top 10. The spike places the platform at number 11, according to CoinMarketCap.

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