In summary
- Tron’s TRX hit an all-time high, surpassing $0.43 after an 81% rally.
- Tron’s market capitalization surpassed $35.1 billion driven by regulatory speculation and actions of Justin Sun.
- Memecoins on Tron, such as FoFar and Sundog, saw significant increases in prices and transaction volumes.
TRON’s TRX token has hit its all-time high price, surpassing a seven-year high amid an explosive rally that saw it hit just above $0.43.
Tron surged 81% on Tuesday, pushing its market capitalization past $35.1 billion, according to CoinGecko.
This coincides with other cryptocurrencies including XRP and Hedera (HBAR) soaring this week as investors speculate on regulatory changes in the US.
In contrast, market-leading cryptocurrencies such as Bitcoin and Ethereum remain almost unchanged over the same period.
Funds are moving out of Bitcoin and newer tokens, including memecoins, into older projects, many of which are fully circulated and have lost significant value from their highs, Decrypt was told.
“Most older projects are fully circulated and have fallen more than 90% from their highs, allowing small amounts of capital to significantly drive prices and attract market liquidity,” said Pat Zhang, director at WOO X Research.
The analyst pointed to several catalysts, including speculation about Tron’s possible inclusion in Grayscale’s investment assets, which Zhang said adds a layer of institutional legitimacy. In October, Grayscale revealed TRX as one of 35 tokens under consideration, with updates on potential inclusions scheduled quarterly.
Beyond Grayscale speculation, TRX’s rise has been fueled by Tron founder Justin Sun’s high-profile actions, including a purchase of $30 million in WLFI tokens tied to a project associated with the Trump family and becoming adviser.
Additionally, Sun’s funny quip involving the concept artwork “Comedian” generated community engagement and indirectly boosted related tokens like BAN, Zhang said.
Launched in 2017 after a $70 million initial coin offering in September of that year, TRON is backed by Singapore-based Sun’s Tron Foundation. It operates as a high-performance Blockchain platform designed to rival Ethereum.
At its core, TRON claims to reshape digital content distribution by eliminating middlemen like YouTube and Facebook, creating direct connections between creators and consumers.
Tron memecoins
While memecoins elsewhere are seeing a slight decline, those based on the Tron blockchain are benefiting from increased investor interest.
Of the top 10 memecoins on Tron, FoFar (FOFAR) has seen the biggest gains, reaching 240% in the last 24 hours.
Its market capitalization has more than tripled over the same period, although this is far from its initial rise of $25 million when its price hit $0.025 at its launch in August, CoinGecko data shows.
Volume data on the same chart indicates that Sundog (SUNDOG) maintains its top position, reporting over $163 million in trades with a market cap of $172 million.
Tron Bull Coin (TBULL) is also showing a notable 71.7% rise, with its market capitalization more than doubling in one day, skyrocketing from $13.4 million to $27.9 million.
Edited by Sebastian Sinclair
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