In a significant market move, Tron (TRX) has achieved a remarkable milestone, marking its first daily close above 17 cents since May 2021. This large-cap altcoin, boasting a fully diluted valuation (FDV) of approximately $15.2 billion, has experienced a substantial increase in its daily average traded volume. This volume has more than tripled in the past week, reaching approximately $1.7 billion by Wednesday, November 13, during the early New York session.
The surge in TRX has coincided with Bitcoin (BTC) reaching a new all-time high earlier this week, which has further fueled the crypto market’s bullish sentiment. TRX managed to register an impressive 8 percent spike, achieving a multi-year high of about $0.1914. As of this writing, TRX is trading around $0.176, positioning itself 24 percent away from its all-time high.
Main Reasons to Bet on Tron Rally This Cycle
As digital assets and web3 protocols gain mainstream acceptance, the Tron network is distinguishing itself as a formidable player among the expanding list of layer one (L1) blockchains. Recent on-chain data highlights that the Tron network boasts a total value locked (TVL) of approximately $7.26 billion and a stablecoins market cap nearing $60 billion, underscoring its robust ecosystem.
Transaction activity on the Tron network continues to surpass other Layer 1 blockchains. Since the start of the year, Tron’s transaction volume has seen consistent growth, with the network now processing over 50 million transactions weekly. This impressive activity has led the Tron network to process more than 8.9 billion transactions since its inception, attracting over 271 million account holders.
The Tron network has also benefited significantly from the mainstream adoption of its meme coins, spearheaded by Sundog (SUNDOG). As of this report, Tron-based meme coins have a net market cap of about $281 million and an average daily traded volume of around $133 million. This popularity has propelled the Tron network to register over 2.4 million active addresses in the last 24 hours alone.
Moreover, the Tron network has reported net revenue of $9.13 million, primarily derived from its staking programs. This revenue generation reflects the network’s ability to sustain its growth and attract more users to its platform.
Looking Ahead: Tron’s Future Prospects
As the Tron network continues to expand its ecosystem and attract more users, the potential for further growth in TRX price remains high. The increasing adoption of digital assets and the ongoing development of web3 infrastructure provide a favorable environment for Tron’s continued success.
Investors and enthusiasts are keeping a close watch on the Tron network, anticipating how its innovative features and strategic partnerships will shape its trajectory in the competitive cryptocurrency landscape. With its strong fundamentals and growing user base, Tron is well-positioned to capitalize on the evolving digital asset market.
In conclusion, the recent surge in Tron’s price and its growing network activity underscore the altcoin’s potential for sustained growth. As the crypto market evolves, Tron remains a compelling option for those looking to diversify their digital asset portfolios.
