TRON’s TRX token has soared by an impressive 85%, reaching an all-time high of $0.43, according to CoinGecko data. This sharp increase has catapulted TRX’s market capitalization from $19 billion to an astounding $36.7 billion in just 24 hours, marking a remarkable turnaround for the cryptocurrency.
At the time of writing, TRX is trading at around $0.37, reflecting a 70% increase over the past 24 hours. The surge marks a significant jump from the previous high of $0.23, and it has led to a massive 140% increase in the token’s value over the past 30 days. Since the beginning of 2024, TRX has surged over 280%, outperforming most other major tokens in the market.
The surge in TRON’s TRX token comes as the broader crypto market experiences positive growth, with legacy assets like Bitcoin and Ethereum remaining relatively flat. While Bitcoin’s price remained stagnant, other tokens like IOTA, VET, and KDA saw notable gains, with IOTA increasing by 50%, VET up by 15%, and KDA rising 44% in the past 24 hours, according to CoinGecko.
Despite these market-wide increases, TRON’s TRX token has clearly outshone its competitors, with the massive single-day rise capturing the attention of investors and traders alike. TRON’s strong performance is further amplified by its significant growth in the past month, positioning it as one of the standout performers in the cryptocurrency market.
Much of the recent surge in TRX’s price can be attributed to the influence of TRON’s founder, Justin Sun. Recently, Sun joined World Liberty Financial (WLFI), a decentralized finance (DeFi) venture backed by former U.S. President Donald Trump and his sons. Sun’s move into WLFI included a $30 million investment in WLFI tokens, making him a significant whale in the venture.
This partnership has generated significant buzz in the crypto community, as it links TRON’s ecosystem with a DeFi project tied to a high-profile political figure. Sun’s involvement in WLFI has further strengthened the narrative surrounding TRON, positioning TRX as a prominent asset in the decentralized finance sector.
Additionally, Sun made headlines for acquiring a renowned banana artwork at a Sotheby’s auction, adding to his ongoing presence in both the crypto and art worlds.
In a recent post on X (formerly Twitter), Justin Sun suggested that TRX could follow in the footsteps of XRP, which recently experienced a meteoric rise in value. XRP’s price surge helped it surpass Solana and Tether to become the third-largest cryptocurrency by market capitalization. Sun’s remark has drives speculation that TRX could see similar growth, especially as it continues to gain traction among DeFi enthusiasts.
However, XRP’s bullish momentum has begun to cool off, with the token seeing a 7% drop to $2.5 in the last 24 hours. Despite this cooling, XRP’s recent rally highlights the growing interest in alternative cryptocurrencies, and Sun’s comments only add to the speculation surrounding TRON’s potential for similar success.
As TRON continues to expand its influence in the cryptocurrency and DeFi spaces, its token TRX is poised for further growth. The recent price surge has helped TRX reclaim its position among the top-performing cryptocurrencies, and Justin Sun’s high-profile moves suggest that the future could hold even more for TRON and its ecosystem.
With a market cap now exceeding $36 billion and a growing presence in the DeFi sector, TRON is demonstrating its potential to rival other major blockchain platforms. As the project continues to innovate and expand its network, TRX holders are watching closely for any new developments that could further fuel its rise.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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