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TRON's TRX token has reached its highest record price, beating out a seven-year high amid an explosive rally that saw it reach just above $0.43.
Tron swelled by 81% on Tuesday, pushing its market capitalization beyond $35.1 billion, CoinGecko data shows.
It coincides with other cryptos, including XRP’s and Hedera’s (HBAR) push this week as investors speculate on shifting regulatory winds in the U.S.
By contrast, market-leading cryptos such as Bitcoin and Ethereum remain little changed over the same period.
Funds are moving out of Bitcoin and newer tokens, including meme coins, into older projects, many of which are fully circulated and have lost significant value since their peaks, Decrypt was told.
Pump.fun Retakes Lead Over Tron's SunPump as Justin Sun Pushes 'Celebrity Season'
Solana-based meme coin factory Pump.fun has retaken a key statistical lead over SunPump, nearly two weeks after the Tron token launchpad flipped Pump.fun in daily created coins. On August 21, SunPump created 1,658 more tokens than Pump.fun over a 24 hour period. But this token creation dominance was short-lived. On Wednesday, according to Dune data, SunPump created just 1,258 tokens, falling 83% from 7,531 tokens created just two weeks prior. This decline can also be seen in the Tron launchpad...
“Most older projects are fully circulated and have dropped over 90% from their peaks, allowing small amounts of capital to significantly boost prices and attract market liquidity,” Pat Zhang, head of WOO X Research, said.
The analyst pointed to several catalysts, including speculation around Tron’s potential inclusion in Grayscale's investment assets, which Zhang argues adds a layer of institutional legitimacy. In October, Grayscale revealed TRX as one of 35 tokens under consideration, with updates on potential inclusions scheduled quarterly.
Beyond the Grayscale speculation, TRX's rise has been fueled by Tron founder Justin Sun's high-profile actions, including a $30 million purchase of WLFI tokens tied to a project associated with the Trump family and becoming an advisor.
Additionally, Sun’s playful stunt involving the conceptual artwork "Comedian" sparked community engagement and indirectly boosted related tokens like BAN, Zhang said.
Launched in 2017 after a $70 million initial coin offering in September of that year, TRON is supported by Sun's Singapore-based Tron Foundation. It operates as a high-throughput blockchain platform designed to rival Ethereum.
At its core, TRON claims to reshape digital content distribution by eliminating intermediaries like YouTube and Facebook, creating direct connections between creators and consumers.
Inflation? Justin Sun Eats Banana He Bought for $6.2 Million
Ever wondered what millions of dollars tasted like? Well, apparently, a banana. Justin Sun, founder of layer-1 blockchain Tron, ate the banana that he bought for $6.24 million last week at Sotheby’s contemporary art auction in New York. The yellow fruit was part of Maurizio Cattelan’s infamous 2019 conceptual artwork of a duct-taped banana, called “Comedian,” which has become a highly memeable art piece—with two related meme coins to boot. 孙哥现场吃🍌 pic.twitter.com/qYi2UJ6zYl — TechFlow 深潮｜APP 已上...
Tron meme coins
While Meme coins elsewhere are seeing a slight dip, those based on the Tron blockchain are benefiting from heightened investor interest.
Of the top 10 meme coins on Tron, FoFar (FOFAR) has seen the most gains, eking out 240% in the past 24 hours.
Its market cap has more than tripled over the same period, though this is far from its initial run of $25 million as its price hit $0.025 when it launched in August, data from CoinGecko shows.
Volume data on the same chart points to Sundog (SUNDOG) retaining its top position, sustaining over $163 million worth of trades at a market cap of $172 million.
Tron Bull Coin (TBULL) also shows a notable surge of 71.7%, with its market cap more than doubling in a day, jumping from $13.4 million to $27.9 million.
Edited by Sebastian Sinclair
