TRON (TRX) Token Rallies 30%, Becomes a Top 10 Cryptocurrency After Meme Coins Take Central Stage

TRX – the native token of Tron – has been among the best performers in the entire cryptocurrency market in the past few weeks.

TRX – the native token of Tron – has been one of the best performers in the entire cryptocurrency market in the past few weeks. Its price is up over 30% on a 14-day scale, and it recently became one of the top 10 biggest cryptocurrencies after its market capitalization surged above $14.5 billion.

The substantial price increase has benefited those invested in the token. IntoTheBlock data shows that 100% of the HODLers are sitting on some paper profits. It is also worth noting that the majority of TRX investors (62%) have entered the ecosystem over a year ago.

However, some indicators suggest that TRX’s valuation might be due for a correction. For instance, the Relative Strength Index (RSI) – which gauges the speed and change of price movements of the asset and shows whether it is overbought or oversold – is currently indicating that TRX might be in the overbought zone.

Tron Memes Take Over

Tron’s ecosystem has seen a general resurgence recently, with thousands of meme coins being launched on SunPump – a platform associated with Justin Sun that allows users to create meme coins in minutes.

The largest token of that type is Sundog (SUNDOG), which started trading on August 16. As of now, its price is around $0.30, which marks a 300% increase on a weekly scale, and its market capitalization is over $300 million.

The meme coin's rally caught the attention of numerous industry participants, some of whom assumed this might be just the beginning of a major bull run. One X user pointed out that SUNDOG has been in an accumulation pattern that could lead to a price爆発 to as high as $1 “really soon.”

Other TRON-based meme coins that have been launched recently and performed well include Suncat (SUNCAT), Dragon Sun (DRGN), FoFar (FOFAR), and many more.

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