Tron TRX has substantially risen over the past week against an otherwise bearish market. TRX has climbed 5% in the last 24 hours and a whopping 12% in the past week. As the asset breaches resistance levels, analysts are projecting a big surge heading into the final days of August, a surge that could reap huge profits.
Trading volume around TRX has jumped significantly as well, nearly 50% since Sunday. Trading data reveals that the asset showed bullish signals at the start of this month, and is now turning those signals into reality. The asset has risen weekly since the start of the month, but the past week has seen the biggest gains, triggering hype around it.
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Tron TRX Price Prediction for the end of August
With the price currently sitting at $0.14, Tron TRX has surpassed Cardano ADA on the charts by market cap. ADA has performed very well in 2024, so this move by TRX is a significant feat. Predictions are bullish around the asset, with some saying that Tron to $0.20 can become a reality in just a few days. Breaching that level and following resistance levels could mean the asset will jump up to $0.30 and beyond shortly after. This would be huge considering the aforementioned bearish market, making Tron an outlier against the bears.
IntoTheBlock data shows that large investors favor the asset as they hold a positive net flow of 69.91mtrx. The inflow of larger holders has been around 144.22 mtrx in the last 24 hours, while the outflow is currently below 74.3 million TRX. Maintaining these positive net flows would allow Tron to maintain upward momentum, meaning huge gains coming over the next few weeks.
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Tron Support For Meme Coins
Recently, Tron TRX founder Justin Sun showed support for the rise of meme coins this year. Sun also announced the launch of SunPump: a platform designed to house meme coins easily on the Tron network. Dune Analytics data indicates that over 5,596 meme coins have been created on Tron since the launch. This in turn generated more than 2 million TRX ($257,779). On August 17, 1 million TRX ($133,000) was spent on the creation of these meme coins, a single-day high in revenue for the network.
“Tron’s biggest strength is its $60 billion in TRON USDT,” Justin Sun has said. “No other blockchain protocol has a liquidity pool this large. Memecoins thrive on liquidity, and Tron has it in abundance.” These recent innovations for the Tron network have had a positive impact on the network’s native TRX token, as seen by its recent momentum.
Predictions for the upcoming price path of Tron are growing bullish by the hour and may rise even higher over the coming days. Following ADA, Dogecoin is the next highest coin by market cap at $14.7 billion. With DOGE’s recent slowdown, perhaps reaching number 9 on the top crypto-list isn’t impossible for Tron’s TRX.