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Our analysis of the situation
In the midst of crypto chaos and looming market uncertainty, the Tron (TRX) blockchain has ignited with a fervor reminiscent of the meme coin mania. With an impressive $8 billion total value locked and a staggering $60 billion in stablecoin market cap, Tron has set tongues wagging with its recent bullish surge and surging on-chain activity.
Tickling the fancy of speculative investors, TRX experienced a remarkable 11.7% surge in the past 24 hours, the price spiking to approximately $0.1622 during the mid-London session. This remarkable rally brought TRX into the limelight, with a fully diluted valuation tipping an impressive $14.1 billion, and a daily average traded volume skyrocketing by over 120% to around $2 billion.
Set against the backdrop of this bullish breakout, TRX now finds itself retesting its all-time high against the US dollar. From a technical perspective, TRX seems to be gearing up for an exponential rally during the price discovery phase of the macro bull cycle.
Embracing the meme coin moment with open arms, the Tron network has announced a $10 million ecosystem boost directed at meme coin projects. Headed by Justin Sun, the Tron Foundation excitedly unveiled the Sunpump protocol as the pivotal gateway for millions of users hitching their wagons to TRX and its web3 projects.
In a bid to safeguard users from rug pulls and predatory developer behaviors, the Sunpump platform has instituted protective measures. Additionally, the Sunpump protocol has tactically integrated with Dexscreener, a reputable real-time DEX analytics for a seamless adoption of Tron’s meme coin.
Tron’s meme coin activities have not gone unnoticed, particularly by speculative investors. Sundog (SUNDOG), a dog-themed meme coin, catapulted over 60% in the past 24 hours, sporting a market cap of over $261 million and a daily average traded volume of around $38 million.
Notably, the Tron network continues to lead the pack in daily active addresses among web3-focused blockchains. Its collaboration with Tether (USDT) has significantly amplified its benefit from the surge in stablecoins market cap. With over 252 million accounts and a whopping 8.3 billion transactions, the Tron network has facilitated more than $13.4 trillion in core token transfers since its inception.
In the past 24 hours alone, the Tron network clocked a total of 6.99 million transactions – a testament to the gravitational pull of the meme coin mania in this web3 renaissance.
As TRX embraces the emergence of the meme coin season, the cryptocurrency world seems poised for a sensational dance of growth and speculation, and Tron is at the heart of it all. Stay tuned as this saga unfolds!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!