In the past few days, Tron (TRX) has been driving the sensation in the crypto scene with an unexpected bull rally in an otherwise sluggish market.
In the last 24 hours alone, TRX has surged over 11%, reaching $0.1656—a price point last seen in 2021. Moreover, Tron has rallied by over 25% within the last seven days alone.
Considering that TRX was worth $0.1174 on August 5 when the global crypto market dipped, the altcoin has rebounded by 41%.
The impressive performance has sparked significant attention in the crypto community, particularly as it has propelled Tron into the top ten ranking of the most prominent crypto assets.
Specifically, Tron knocked out long-standing Cardano (ADA) from the top ten. It now boasts a market cap of approximately $14 billion, which is over $1 billion above ADA’s current cap.
This has happened while the market remains largely stable, with most assets seeing modest 2% daily gains or even declining.
Aaron Arnold, a prominent community pundit and presenter at the Altcoin Daily channel, attributes Tron’s surge to the emergence of a meme coin craze on the Tron network.
Meme Coin Frenzy on Tron
This month, the SUNDOG meme coin launched after Tron founder Justin Sun unveiled the pioneering meme coin platform SunPump. The meme coin has already generated significant excitement in the crypto scene, growing by over 300% in just a few days.
Remarkably, some traders have turned small investments, like $1,700, into fortunes of $20 million during this time. These activities have impacted the underlying blockchain, attracting more users to participate in Tron’s meme coin frenzy.
Tron Dominating Stablecoin Market
Beyond meme coins, Tron is also seeing increased activity in the stablecoin market. Within the last seven days, Tether minted $3 billion USDT, with $1 billion coming from the Tron network.
Over the past year, Tether minted around $33 billion USDT, with $19 billion of that minted on Tron. While Tether’s total supply is approximately $117 billion, $58.52 billion, or 49.91%, of these USDT tokens are on the Tron blockchain—far outpacing Ethereum’s 38.9% share.
Moreover, this month, Tether set a fresh record with over 18 million weekly transactions on EVM chains. Data shows that over 77% of these transactions occur on Tron, making it the leading platform for USDT transfers.
With these factors aligning, the price of TRX has been significantly impacted. The coin is now on track to recapture its 2021 high, potentially setting the stage to break the all-time high set in 2018.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
