Catenaa, Monday, December 09, 2024 – Tron’s TRX token surged to a record high of over $0.43 on Tuesday, marking an 81% increase and pushing its market capitalization to $35.1 billion, according to CoinGecko.
This rise coincides with gains from other altcoins like XRP and Hedera (HBAR), as investors shift focus amid changing U.S. regulatory sentiment.
Unlike Bitcoin and Ethereum, which remained steady during the period, TRX and other older, fully circulated projects are experiencing inflows of capital, capitalizing on their significant drops from previous highs.
Market analysts suggest speculation around Tron’s potential inclusion in Grayscale’s investment assets is fueling the rally, along with high-profile actions by Tron founder Justin Sun.
Sun recently drew attention with a $30 million purchase of WLFI tokens tied to the Trump family and a viral art stunt involving Maurizio Cattelan’s “Comedian,” a banana duct-taped to a wall. His moves have stirred community engagement and brought attention to Tron-based tokens like BAN.
Tron, launched in 2017, operates as a high-throughput blockchain aiming to eliminate intermediaries in digital content distribution. While meme coins on other blockchains falter, Tron-based coins like FoFar (FOFAR) and Sundog (SUNDOG) have surged, with respective gains of 240% and $163 million in trading volume over 24 hours.
Analysts view the TRX rally as a reflection of renewed confidence in altcoins, with institutional interest and Sun’s publicity stunts keeping Tron in the spotlight.
