Why Tron (TRX) Price is Surging Today? Is a New All-Time High Within Reach?

The post Why Tron (TRX) Price is Surging Today? Is a New All-Time High Within Reach? appeared first on Coinpedia Fintech News

Tron (TRX) is making headlines with its price hitting $0.1578, the highest in three years. As it nears its 2021 all-time highs, the surge is driven by growing stablecoin transaction volumes on its network, especially in Asian markets where Tron is favored. Renowned crypto analyst Raoul Pal in his recent video analysis has highlighted several factors pumping Tron to new heights. 

Step into the Tron Pool and see what’s going on!

Justin Sun’s Strategy and the Meme Coin Frenzy

Pal noted that Justin Sun’s legal win over the SEC is one of the main reasons TRX’s price soared. This ruling alleviates some regulatory fears, encouraging investors to hold or buy TRX, anticipating a less severe outcome.

Recently, a meme coin called Sundog has emerged on Tron, capturing the crypto community’s attention. Sundog’s market cap has soared to over $200 million, fueling the already bullish sentiment surrounding Tron. While some enthusiasts believe Sundog could become the “Doge of the Tron blockchain,” others remain skeptical of its long-term potential.

Dune Analytics data shows that over 5,596 meme coins have been created on Tron since its launch, generating more than 2 million TRX (approximately $257,779). On August 17, record single-day revenue of 1 million TRX (about $133,000) was spent on creating these meme coins, highlighting significant activity and revenue for the network.

Raoul Pal’s Analysis of Tron’s Resilience

Pal has weighed in on Tron’s recent performance, attributing its resilience to the strong stablecoin activity on the network. According to Pal, the high volume of stablecoin transactions in the Asian markets has been critical in keeping Tron relevant, even as many other altcoins struggle. He also highlights the network’s ability to clear major resistance levels, setting it apart in a challenging market environment.

Caution Amid the Hype

Despite the excitement, Raoul Pal urges caution. The rapid rise of meme coins like Sundog can easily lead to FOMO (fear of missing out), but Pal emphasizes the importance of doing thorough research before investing. Meme coins are notoriously volatile, and their value can plummet just as quickly as it rises. Investors are advised to avoid impulsive decisions and to buy only after careful consideration.

Tron’s Current Snapshot

Tron (TRX) has surged significantly this week despite the crypto downturn. TRX is up 5% in 24 hours and 12% weekly, pushing its market cap to $13.65 billion and bumping Cardano from the Top 10. As the asset breaks resistance, economists predict a dramatic spike in the closing days of August that might yield large returns. Currently at $1.152, if TRX breaks $1.155, it could climb to $1.580; if it drops, it may fall to $1.482 or $1.453. 

Expect significant volatility ahead! Are you ready?