As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and trends. The recent surge of TRX, the native token of Tron, has caught my attention as it has entered the top 10 cryptocurrencies by market cap, surpassing $14.5 billion.
TL;DR
- TRX has surged over 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 of the asset’s holders are sitting on some paper profits.
TRX’s Solid Performance
TRX, or Tron’s native token, has been one of the top performers in the cryptocurrency market over the past few weeks. The price of TRX has soared by more than 30% on a 14-day scale and is currently trading at close to $0.17, according to data from CoinGecko.
Additionally, TRX has moved up into the top 10 largest cryptocurrencies as its market capitalization exceeded $14.5 billion. On the other hand, Toncoin (TON) saw a drop in price over the weekend following the arrest of Telegram’s founder and CEO, Pavel Durov.
The significant rise in TRX‘s value has brought gains to its investors. As per IntoTheBlock data, all HODLers are currently enjoying some form of paper profit.
It’s important to point out that about six out of ten TRX investors (62%) joined the ecosystem more than a year ago. Thirty-three percent have entered within the past twelve months, while just 5% have recently invested within the last thirty days.
As a researcher, I find myself in an interesting position regarding TRX‘s valuation. While the current momentum suggests we’re riding a wave, certain indicators hint at an impending correction. One such sign is the Relative Strength Index (RSI), a tool that measures the rate and direction of price changes for this asset. Essentially, it tells us whether the asset is overbought or oversold in its current market position.
The momentum oscillator fluctuates between 0 and 100, and when it exceeds 70, it suggests that TRX is in an overbought state, implying a potential reversal or pullback might occur. At present, the RSI is lingering near this zone.
TRON’s Memes Took Central Stage
Recently, TRON’s ecosystem has seen a widespread revival, as thousands of meme coins have been introduced through SunPump – a platform linked to Justin Sun that enables users to quickly develop their own meme coins.
As an analyst, I’m currently focusing on the impressive performance of Sundog (SUNDOG), a token that recently entered the trading scene on August 16. At present, its price hovers around the $0.30 mark, translating to a staggering 300% surge over the past week. Moreover, its market capitalization surpasses the $300 million threshold.
The surge in the meme coin attracted attention from many industry players, who speculated that this could be the start of a significant and prolonged price increase, also known as a bull run. One user on X predicted that SUNDOG has been following a pattern of accumulation, which might lead to an immediate price spike up to $1.
Other coins based on the TRON platform that have emerged lately and have been performing exceptionally well include Suncat (Suncat), Dragon Sun (Dragon Sun), FoFar (FoFar), and numerous others.
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2024-08-27 07:26