Subscribe to Bankless or sign in
Tron's TRX token surged to a seven-year high, crossing 43 cents before retreating to 33 cents at the time of publishing. Still the token continues to outpace majors like Bitcoin and Ethereum.
What's the Scoop?
- Price Surge: TRX rose 81% on Tuesday, pushing its market cap beyond $35.1B, though correcting to ~$28B as of writing.
- Market Trends: Older projects have caught a bid, with TRX soaring alongside XRP, HBAR, and IOTA.
- Grayscale Speculation and Sun’s Actions: Rumors of TRX entering Grayscale's assets, plus moves by
Tron founder Justin Sun—like buying $30 million in WLFI tokens— have strongly boosted interest in TRX.
Bankless Take:
Yes, the whole surge in “dino” coins is astounding, but Tron’s near 2x in a single day is something else entirely, spurring memories of 2021 insanity. While speculation on institutional adoption and Justin Sun’s publicity efforts, especially his “buy-ins” to the Trump administration, have certainly propelled its rise, Tron is anything but a dead chain, though surging traction along likely won't be enough to convince industry skeptics concerned by Sun's antics and chain centralization.
On 12/03/2024, TRON's revenue reached an all-time high (ATH), hitting $20 million in a single day. $TRX pic.twitter.com/qc5FDhtHwo
— H.E. Justin Sun 🍌 (@justinsuntron) December 4, 2024
