Outside Source
TL;DR
- TRX surged to over $0.16 earlier this week, becoming the 11th largest cryptocurrency, likely boosted by activity from the SunPump protocol.
- The token’s price is gradually approaching its all-time high, with further growth dependent on market conditions and potential partnerships.
TRX’s Impressive Rally
TRX – the native token of Tron – has been among the top-performing cryptocurrencies lately. Earlier this week, its price exceeded $0.16 for the first time since April 2021, while the market capitalization neared $14 billion. The substantial uptick positioned TRX as the 11th biggest cryptocurrency, flipping Cardano (ADA), which trails behind on the 12th spot.
The token’s resurgence coincides with some important developments within the Tron ecosystem. In mid-August, Sun.io (a platform linked to Tron founder Justin Sun) launched a protocol called SunPump, which enables users to create their own meme coins in minutes.
In the following days, industry participants introduced thousands of new memes, contributing to the rapid expansion of activity on the network. The biggest Tron-based meme coin currently is SUNDOG, which began trading on August 16 and quickly surpassed the $200 million mark in terms of market capitalization.
Speaking on the latest meme coin mania was Justin Sun. He argued that Tron has a liquidity pool larger than any other blockchain protocol, hence he praised the success of the initiative.
“Memecoin platforms live and die by liquidity, and TRON’s got it in spades. USDT TRON holders are itching to ape into cooler, crazier memecoins and crypto narratives, while meme devs and traders need a spot with solid stablecoin liquidity to make moves.
And let’s not forget, TRON’s fast and cheap AF, with dope perks like native MEV protection. For meme traders, devs, and the community, it’s a no-brainer. To the SUN,” he added.
Is TRX Gearing up for an ATH?
Following its recent bull run, TRX’s valuation has inched closer to its all-time high of $0.23, registered in January 2018. We decided to ask ChatGPT whether the asset could erase that gap and tap a new peak before the end of 2024. The chatbot claimed that the overall performance of the cryptocurrency market will be a major determinant:
“A strong bull market, driven by favorable macroeconomic conditions, regulatory clarity, and increased adoption of cryptocurrencies, could create the environment needed for TRX to surge.”
Another factor is the favorable investor sentiment and competition from other blockchain platforms whose development “could hinder TRX’s ability to reach a new ATH.”
Last but not least, the coin’s value might benefit from potential partnerships between Tron and well-known entities, as well as technological advancements of the protocol.
Many X users also believe that TRX can break its price record in the near future. One enthusiast maintained that the asset’s bullish momentum seems nowhere near its end. They expect a retest of the $0.14 resistance level before a potential pump towards a new peak.
This article first appeared at CryptoPotato
