Trons TRX Copies XRP With Epic 70% Price Explosion To New All-Time High Of $0.43
While Ripple-linked XRP has clearly led the market rally over the past month, Trons 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. TRXs 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 tokens sharp rally comes amid a broader altcoin uptick even as Bitcoin and Ethereum remain largely flat.
Whats Fueling TRXs Parabolic Surge?
TRXs parabolic rise has been fueled by Tron founder Justin Suns high-profile actions, including becoming the biggest investor in Donald Trumps crypto project after investing $30 million in World Liberty Financial (WLFI) tokens. Sun was also reportedly named as an advisor to the Trump-backed DeFi project.
Additionally, Sun shelled out 6.2 million to purchase Maurizio Cattelans 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 TRXs price.
According to some observers, Trons 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 Koreas 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.
Meanwhile, Justin Sun proclaimed that TRX is fated to become the next XRP. The Chinese-born entrepreneurs comparison of TRX to Ripples XRP comes on the heels of the latters rocket move to as high as $2.81. As ZyCrypto previously reported, XRP reclaimed its spot as the third largest cryptocurrency, displacing Tethers USDT stablecoin.
Read more: https://zycrypto.com/trons-trx-copies-xrp-with-epic-70-price-explosion-to-new-all-time-high-of-0-43/
Text source: ZyCrypto
