Tron (TRX) has recently made headlines by achieving a significant milestone in its pricing history. For the first time since May 2021, the price of TRX has closed above 17 cents, marking a remarkable recovery and growth trajectory for the cryptocurrency. With a fully diluted valuation (FDV) of approximately $15.2 billion, Tron has demonstrated substantial trading activity. Over the past week, the daily average volume of TRX trading has more than tripled, reaching about $1.7 billion as of Wednesday, November 13, during the early New York session.
This surge in trading activity coincides with Bitcoin (BTC) reaching a new all-time high earlier this week, which in turn propelled TRX to an 8 percent increase, peaking at around $0.1914. At the time of writing, TRX is trading at approximately $0.176, which is 24 percent away from its all-time high. This growth reflects broader trends in the cryptocurrency market and highlights Tron’s potential in the current digital asset landscape.
Main Reasons to Bet on Tron’s Rally This Cycle
The Tron network has positioned itself as a formidable contender among the expanding roster of layer one (L1) blockchains, largely due to the mainstream adoption of digital assets and web3 protocols. According to recent on-chain data, the Tron network boasts a total value locked (TVL) of about $7.26 billion and a stablecoin market cap approaching $60 billion.
Transaction activity on the Tron network continues to outpace other layer one blockchains. Since the beginning of the year, TRON’s transaction volume has consistently grown, with the network processing over 50 million transactions weekly. This robust performance underscores the network’s scalability and its growing user base, which has processed over 8.9 billion transactions since its inception. The network has attracted more than 271 million account holders, further solidifying its position in the blockchain ecosystem.
Moreover, the Tron network has significantly benefited from the rising popularity of its meme coins, spearheaded by Sundog (SUNDOG). These Tron-based meme coins have collectively achieved a net market cap of approximately $281 million, with a daily average traded volume of around $133 million. This growing interest in meme coins has contributed to the network registering more than 2.4 million active addresses in the last 24 hours alone.
Additionally, the Tron network reported a net revenue of $9.13 million, primarily driven by its successful staking programs. This revenue generation underscores Tron’s capacity to offer attractive financial incentives to its users, thereby fostering community growth and network expansion.
In conclusion, the recent price surge of Tron (TRX) reflects a combination of increased transaction activity, strategic adoption of meme coins, and robust staking programs. As the network continues to expand its user base and transactional capacity, Tron remains a strong candidate for investors looking to capitalize on the evolving blockchain landscape.
