Justin Sun,
the Founder of Tron blockchain, recently purchased and then consumed a $6
million banana taped to a wall (a piece of modern art). Following this, he
invested $30 million in Donald Trump’s cryptocurrency project. Despite being
under scrutiny by the U.S. financial regulator since 2023, Sun’s recent actions
were enough to double the price of TRX crypto token in a single day.
TRX, the
native cryptocurrency of the Tron blockchain, has recently seen a significant
surge, testing a market cap of nearly $39 billion, its highest in history. The
price reached $0.45 on Tuesday, marking a 100% increase.
TRX price rose by 100% on Tuesday, reaching $0.45. Source: TradingView
Although it
corrected by 10% on Wednesday, December 3, 2024, TRX remains at approximately
$0.40, maintaining historic highs.
This rally
has pushed Tron into the top 10 cryptocurrencies, overtaking Avalanche (AVAX)
and trailing closely behind USD Coin (USDC).
Tron’s TRX is currently one of the TOP10 cryptocurrencies by market cap. Source: CoinMarketCap
A key
driver of this momentum is Tron founder Justin Sun, who has been in the
spotlight for his bold investment in Donald Trump’s crypto project, World
Liberty Financial (WLF). This $30 million move came shortly after Trump’s
re-election and appears to have catalyzed investor confidence in TRX. Sun’s
controversial involvement in the project and his broader influence in the
crypto industry are drawing attention to Tron, fueling its rise.
Adding to
the momentum was the broader euphoria surrounding other altcoins, including
XRP, used by Ripple, which is testing its highest levels since January
2018.
TRX Hits New All-Time
Highs: The Numbers
- Market
Cap: Almost $39
billion, a record for TRX. - Price
Movement: Peaked at
$0.45 before a slight correction to $0.40. - Ranking: TRX is now the 10th largest
cryptocurrency, moving above AVAX.
This growth
aligns with increased investor interest, optimism surrounding Tron’s ecosystem,
and Sun’s high-profile ventures.
Justin Sun’s (and Donald
Trump’s) Role in TRX Price Surge
Justin
Sun’s latest move, investing in Trump’s WLF project, has been pivotal for TRX’s
recent rally. The $30 million investment helped WLF surpass its $30 million net
revenue threshold, unlocking potential profits for Trump and his family. This
strategic backing aligns with Trump’s pro-crypto stance, promising to transform
the United States into a global crypto hub. In the meantime, Justin Sun was also appointed as an Advisor to…
