TRX Price Surges 12%
TRX, the native token of the TRON blockchain, experienced a significant 12% jump in its price over the past day, positioning it as the top gainer in the cryptocurrency market. The surge in price saw TRON trading at $0.1594, a high not seen since April 16, 2021, with a substantial increase in daily trading volume by 121%, reaching around $1.92 trillion, as reported by crypto.news.
TRON Market Capitalization Surges
Notably, TRX’s market capitalization also surged to $13.89 billion, making it the 11th largest cryptocurrency according to CoinGecko. This spike in value is attributed to the launch of SunPump, TRON’s initiative to capitalize on the memecoin hype, with over 18,000 memecoins created on SunPump generating a total revenue of 7,080,777 TRX (around $1.12 million) at the time of reporting by Dune Analytics.
Justin Sun’s Efforts to Boost TRON
Founder of TRON, Justin Sun, has been actively engaging the community, hinting at potential transitions of major meme community leaders to TRON in a recent post. If these transitions materialize, TRON’s network could witness a surge in transaction volume, further evidenced by a 1045% increase since the beta launch of SunPump on Aug. 13. Daily active addresses have also risen over 10% as per data from IntoTheBlock.
