Tron (TRX) has been unexpectedly making headlines for its recent ascent. The asset rose by over 18% in the past 24 hours.
TRX was trading at $0.1549 at press time, with a daily increase of 1.67%. Despite its previous upticks and the current one, the cryptocurrency is nearly 50% below its all-time high of $0.3004, which it achieved about seven years ago.
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Market Cap and Position
Alongside this price increase, asset market cap fluctuations have pushed TRX above the crypto ladder. Currently, the altcoin stands as the 11th largest cryptocurrency with a market cap of $13.43 billion and is on the verge of taking over Cardano (ADA).
Factors Contributing to TRX’s Rise
Numerous factors have been connected to this abrupt increase. Enhanced network activity is one among them.
Data indicates that TRON network activity has significantly increased, especially concerning meme coin launches. This wasn’t all. Burns in the TRX network have also been carried out in full swing. This indicates a decrease in supply and increased demand for the token.
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Is $1 Attainable for Tron’s TRX?
$1 might be daunting for Justin Sun’s coin to attain. TRX is currently on a spree, but the chances of it moving closer to its all-time high were not very high as it remains 48% below its peak.
According to data from Changelly, TRX can surge to this level only in 2029. The altcoin will hit the coveted dollar mark in March 2029.
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Sun’s Tron can do this earlier only if it continues its current momentum, which can be challenging to maintain considering the volatile nature of the market.
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