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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 13, 2024 13:00 UTC
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Tron Breaks Multi-Year Record: More Gains Ahead for TRX Price?
Tron price is on the verge of rallying to its all-time high after being trapped in a macro consolidation for over six years.
The Tron’s web3 ecosystem has thrived in the recent past fueled by the meme coin activities.
The highly anticipated altseason will kick start in the coming months, thus sending TRX into the price discovery phase.
For the first time since May 2021, Tron (TRX) has recorded a daily close above 17 cents, marking a significant milestone for this popular large-cap altcoin. Currently valued at around $15.2 billion (fully diluted), Tron’s trading activity has spiked notably in the past week.
Early on Wednesday, November 13, during the New York session, Tron’s daily average trading volume had more than tripled, reaching approximately $1.7 billion.
Following Bitcoin’s new all-time high earlier this week, TRX surged by 8% to reach a multi-year high of around $0.1914. At the time of writing, TRX is trading near $0.176—about 24% below its all-time high, but still drawing increased attention from traders and investors.
Main Reasons to Bet on Tron This Bull Rally
As digital assets and Web3 technology gain popularity, Tron is emerging as a leading layer one (L1) blockchain. On-chain data reveals that Tron’s total value locked (TVL) is approximately $7.26 billion, while its stablecoin market cap stands close to $60 billion.
Tron’s transaction volumes showcase its growth and utility. Data from IntoTheBlock indicates Tron has been processing more than 50 million transactions weekly since the start of this year, with a total of 8.9 billion transactions since its inception. With over 271 million accounts, Tron’s adoption rate remains strong.
Meme Coins Drive Activity on Tron
Much of Tron’s recent growth can be attributed to the popularity of its meme coins, particularly Sundog (SUNDOG). Together, Tron-based meme coins have a market cap of around $281 million and a daily trading volume of about $133 million, adding to Tron’s overall activity.
This surge in meme coin popularity has helped Tron reach over 2.4 million active addresses in the last 24 hours. Additionally, the network reported net revenue of $9.13 million, mostly generated through staking programs.
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