HomeAltcoinsTRON (TRX) up 8%, as rest of market slumps

TRON (TRX) up 8%, as rest of market slumps

The price of TRON is currently outperforming the market with a gain of 8% in the past 24 hours. So what’s behind the rise?

At the time of writing, the TRX price was trading at $0.07813, with its market cap increasing by 8.19% to more than $7billion – making it the 11th biggest crypto.

Meanwhile, the price of Bitcoin has dipped to $26,852.56, as the rest of the market’s top 10 coins having also decreased in the past day.

The price action comes after it was revealed last week that the total number of TRON accounts has surpassed 160 million. TRX also became available on the AI model aggregator platform, TARS AI Hub.

The TRON blockchain platform also unveiled results of the fourth season of the HackaTRON competition.

TRX got another profile boost following the Messari Q1 2023 State of TRON report last week, which was picked up by Yahoo Finance, MarketWatch, and Bloomberg.

TRON founder Justin Sun

On 11 May, TRON founder Justin Sun got involved in the memecoin trend and tweeted that he planned to trade memes “for fun”.

He said: “I’ve decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.”

He added: “However, it’s crucial to remember that my investments do not constitute financial advice, and there is no guarantee of listing these projects on any exchange, including @HuobiGlobal and @Poloniex. I am simply trading coins for fun. Always do your own research before investing!”

TRON has a circulating supply of 90,342,261,289 TRX coins, while its max supply is not available, according to CoinMarketCap.

Launched in 2017, TRON (TRX) is a decentralised blockchain-based operating system created by the Tron Foundation. Initially, the TRX ERC-20-based tokens were deployed on Ethereum, but were moved a year later to their own network.

They’ve also just celebrated BitcoinPizzaDay – the infamous day in 2010 when two pizzas were bought for 10,000 Bitcoins.

Jo is an experienced Head of News with an eye for spotting the latest key trends in the market and jumping on them. She has previously worked in New York and London as Editor for two crypto exchanges where she managed large teams of writers covering every aspect of the digital asset space. She has also added feathers to her cap with senior editorial roles at the Financial Times and News UK, which has equipped her with the nous to steer a newsroom through the constantly changing world of crypto. With her passion for breaking news, together with a well-connected network of industry contacts, she is perfectly placed to push the buttons at the helm of the CoinNews headline desk.

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