While Ripple-linked XRP has clearly led the market rally over the past month, Tron’s TRX is also stealing the spotlight. In the past 24 hours, TRX has spiked by over 70% to set a new record high above $0.4313, pushing it closer to the top 10 crypto assets by ranking, CoinGecko data shows.
As of this writing, the price of TRX is $0.4009, with the token surpassing a record $36.7 billion market capitalization. TRX’s previous all-time high was $0.23, set in January 2018.
TRX is now up 99% on the weekly chart and over 279% year-to-date. The token’s sharp rally comes amid a broader altcoin uptick even as Bitcoin and Ethereum remain largely flat.
What’s Fueling TRX’s Parabolic Surge?
TRX’s parabolic rise has been fueled by Tron founder Justin Sun’s high-profile actions, including becoming the biggest investor in Donald *****’s crypto project after investing $30 million in World Liberty Financial (WLFI) tokens. Sun was also reportedly named as an advisor to the *****-backed DeFi project.
Additionally, Sun shelled out 6.2 million to purchase Maurizio Cattelan’s renowned duct-taped banana artwork “Comedian”, which he recently chomped down on during a press conference. This move has sparked community engagement and indirectly boosted TRX’s price.
According to some observers, Tron’s all-time highs followed political upheaval in South Korea as President Yoon Suk Yeol declared emergency martial law — a first in the country in over 40 years.
The measure, which Yoon announced in a late-night television speech, came alongside allegations that South Korea’s main opposition party was sympathizing with North Korea.
“When martial law was in effect, all the Korean exchanges collapsed. It seems like all the coins are leaving the country for overseas exchanges,” X user Toy wrote. “Tron is skyrocketing.”
Will TRX Continue To Pump?
Popular analyst Javon Marks has suggested that the TRX rally is far from over, predicting an explosive move to the $1.11 level.
“$TRX (TRON) continues HEAVILY on what can be soon noted as a historical bullish move, but prices, by Logarithmic Measured Movement, can be far from done! These prices could be headed right to the $1.11 area in another >369% climb,” he quipped in an X post.
$TRX (TRON) continues HEAVILY on what can be soon noted as a historical bullish move but prices, by Logarithmic Measured Movement, can be far from done!
These prices could be headed right to the $1.11 areas in another >369% climb… https://t.co/VgEcCUwC9S pic.twitter.com/j87CcT6zIh
— JAVON
MARKS (@JavonTM1) December 3, 2024
Meanwhile, Justin Sun proclaimed that TRX is fated to become the next XRP. The Chinese-born entrepreneur’s comparison of TRX to Ripple’s XRP comes on the heels of the latter’s rocket move to as high as $2.81. As ZyCrypto previously reported, XRP reclaimed its spot as the third largest cryptocurrency, displacing Tether’s USDT stablecoin.