TRX’s Impressive Rally Continues – Can the Token Reclaim Its All-Time High Before the End of 2024?
- WBOYOriginal
- 2024-08-24 15:23:12907browse
TRX – the native token of Tron – has been among the top-performing cryptocurrencies lately. Earlier this week, its price exceeded $0.16 for the first time since April 2021
The price of TRX (the native token of Tron) has surged lately, making it the 11th largest cryptocurrency by market capitalization.
The uptick coincides with the launch of SunPump, a protocol that enables users to create meme coins on Tron in minutes.
In the following days, participants introduced thousands of new memes, contributing to the rapid expansion of activity on the network.
The biggest Tron-based meme coin is SUNDOG, which began trading on August 16 and quickly surpassed the $200 million mark.
Justin Sun commented on the meme coin mania, highlighting Tron’s large liquidity pool and arguing that it benefits the initiative.
TRX’s valuation has approached its all-time high of $0.23, set in January 2018.
ChatGPT was asked whether the asset could erase that gap and tap a new peak before the end of 2024.
The chatbot stated that the overall performance of the cryptocurrency market will be a major determinant.
A strong bull market, driven by favorable macroeconomic conditions, regulatory clarity, and increased adoption of cryptocurrencies, could create the environment needed for TRX to surge.
Another factor is the favorable investor sentiment and competition from other blockchain platforms whose development “could hinder TRX’s ability to reach a new ATH.”
Last but not least, the coin’s value might benefit from potential partnerships between Tron and well-known entities, as well as technological advancements of the protocol.
Many X users also believe that TRX can break its price record in the near future. One enthusiast maintained that the asset’s bullish momentum seems nowhere near its end. They expect a retest of the $0.14 resistance level before a potential pump towards a new peak.
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