Tron’s TRX Rockets to Record Highs Above $0.4

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What to know:

  • Tron’s TRX catapulted to a record high early Wednesday, nearly 7 years after its initial release.
  • Tron founder Justin Sun said last week that the ecosystem had invested $30 million in Donald Trump-backed World Liberty Financial.

As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I find the recent surge of Tron’s TRX fascinating. Having witnessed the birth and evolution of numerous digital coins, I must admit that the timing of this record-breaking high, seven years after its initial release, seems almost poetic.

On an unremarkable Wednesday, Tron’s TRX token skyrocketed to a new peak – a remarkable event occurring approximately seven years following its debut. This sudden surge occurred without any apparent triggers, leading to the unwinding of over $21 million worth of short positions.

TRX experienced a significant surge of approximately 76%, soaring above $0.4. This boosted its market cap to an impressive $34 billion. Additionally, there was a massive increase in trading volumes, which skyrocketed from $2 billion on Monday to over $16 billion within the past 24 hours.

The tokens and memes within the Tron ecosystem experienced an average increase of 35%, with certain ones jumping up to 100%. This surge followed the movement of TRX. Also, the value locked in Tron-based protocols rose to $14 billion during this price hike, according to DeFiLlama data.

Although there were no prior announcements or developments leading up to last Wednesday, Justin Sun, creator of Tron, revealed earlier last week that the Tron ecosystem had invested a total of $30 million into World Liberty Financial, a company endorsed by Donald Trump, making it their largest investor.

This token is also a member of the group from the 2018 batch, which consists of tokens like XRP, Stellar (XLM), and EOS (EOS). Over the last seven days, this group has seen its value collectively double, suggesting that funds are being redirected towards more established projects.

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2024-12-04 10:50