Big win for TRON investors as TRX price hit 39-month high – details

TL;DR

TRX is up more than 30% in the past two weeks, now trading near $0.17, and has entered the top 10 cryptocurrencies by market cap, surpassing $14.5 billion. Currently, all holders of the asset are sitting on some paper profits. Solid TRX performance

TRX, Tron’s native token, has been one of the top performers in the entire cryptocurrency market in recent weeks. Its price has increased by more than 30% on a 14-day scale, currently trading at almost $0.17 (according to CoinGecko data).

TRX Price, Source: CoinGecko

In addition, TRX recently became one of the 10 largest cryptocurrencies after its market capitalization exceeded $14.5 billion. 11th place belongs to Toncoin (TON), whose price plummeted over the weekend following the arrest of Telegram founder and CEO Pavel Durov.

The substantial increase in the price of TRX has benefited those who have invested in the token. Data from IntoTheBlock currently shows that 100% of HODLers are sitting on some paper profits.

It is worth noting that the majority of TRX investors (62%) have entered the ecosystem more than a year ago. 33% have done so in the last 12 months, while only 5% have jumped on the bandwagon in the last 30 days.

Despite being on the crest of a wave, some indicators indicate that TRX’s valuation could be headed for a correction. An example is the Relative Strength Index (RSI) which measures the speed and change of the asset’s price movements and shows whether it is overbought or oversold.

The momentum oscillator ranges from 0 to 100 as a ratio above 70 signals that TRX is in overbought territory, meaning a pullback could be an option. The RSI is currently around this area.

TRON memes took center stage

The TRON ecosystem has recently seen a general resurgence, with thousands of meme coins being released on SunPump (a platform associated with Justin Sun that allows users to create meme coins in minutes).

The largest such token is Sundog (SUNDOG), which began trading on August 16. As of now, its price is around $0.30, which represents a 300% increase on a weekly basis, while its market cap is over $300 million.

The meme coin rally caught the attention of numerous industry participants, some of whom assumed it was just the beginning of a big bull run. An X user claimed that SUNDOG has been in a rallying pattern that could be followed by a price explosion to $1 “very soon”.

Other meme coins based on TRON that have seen the light of day recently and performed quite well include Suncat (SUNCAT), Dragon Sun (DRGN), FoFar (FOFAR) and many more.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!