Tron (TRX) Scaled Over Previous High Reaching a New High in Three Years
TRON's price has demonstrated significant volatility, experiencing a 12.45% increase in the past 24 hours and a 22% surge over the past week.
TRON (TRX) has experienced a significant surge in price, reaching its highest point in three years at $0.159. This surge has propelled TRON’s market capitalization to an impressive $13.65 billion, displacing Cardano (ADA) from the Top 10 cryptocurrency rankings.
TRON’s price has demonstrated significant volatility, experiencing a 12.45% increase in the past 24 hours and a 22% surge over the past week. The 30-minute chart indicates TRX is currently at a critical level of $1.152.
A breakout above the resistance at $1.155 could potentially propel the price to $1.580. However, a decline below $1.152 might signal a shift in momentum, leading to a potential drop to support levels at $1.482 or $1.453.
Tron (TRX) Surge Driving-Source Revealed
The driving force behind this remarkable growth is attributed to the emergence of SunPump, a novel meme coin platform that has generated considerable excitement in the crypto market.
Since its launch, SunPump has witnessed the launch of approximately 40,000 new meme tokens, contributing to a substantial increase in TRON’s revenue. According to Dune Analytics, total revenue generated from token launches on SunPump has skyrocketed to 3,792,453 TRX. This remarkable growth is evident in the number of token launches, which surged from 354 on August 13 to an astounding 11,174 by August 19.
Additionally, the introduction of TronDao within the Tron ecosystem has had a demonstrably positive impact on TRX, the native token of the Tron blockchain.
Moreover, reports indicate a surge in activity within the ecosystem, driven by the growing interest in this memecoin. This surge in interest has translated into notable gains for TRX.
The increasing popularity of TRON-based versions of popular meme coins like PEPE is attracting considerable investor interest. The platform’s inclusion on Dexscreener, a prominent cryptocurrency data aggregator, has further enhanced its visibility and potential for attracting new investors.
The recent surge in TRON’s price and market capitalization, driven by the emergence of SunPump and the growing popularity of meme coins on the platform, suggests a positive outlook for TRX.
