TL;DR
- TRX has surged over 30% in the past two weeks, now trading near $0.17, and has entered the top 10 cryptocurrencies by market cap, surpassing $14.5 billion.
- Currently, all of the asset’s holders are sitting on some paper profits.
TRX’s Solid Performance
TRX – the native token of Tron – has been among the best performers in the entire cryptocurrency market in the past few weeks. Its price is up over 30% on a 14-day scale, currently trading at almost $0.17 (per CoinGecko’s data).
What’s more, TRX recently became one of the top 10 biggest cryptocurrencies after its market capitalization surged above $14.5 billion. The 11th spot belongs to Toncoin (TON), whose price plummeted over the weekend following the arrest of Telegram’s founder and CEO – Pavel Durov.
TRX’s substantial price increase has benefited those invested in the token. IntoTheBlock data currently shows that 100% of the HODLers are sitting on some paper profits.
It is worth noting that the majority of TRX investors (62%) have entered the ecosystem over a year ago. 33% have done so in the past 12 months, while only 5% have jumped on the bandwagon in the last 30 days.
Despite being on the crest of a wave, some indicators signal that TRX’s valuation might be headed for a correction. One example is the Relative Strength Index (RSI) which gauges the speed and change of price movements of the asset and shows whether it is overbought or oversold.
The momentum oscillator varies from 0 to 100 as a ratio above 70 signals that TRX is in overbought territory, meaning a pullback could be an option. Currently, the RSI is hovering around that zone.
TRON’s Memes Took Central Stage
TRON’s ecosystem has recently experienced a general resurgence, with thousands of meme coins launched on SunPump (a platform associated with Justin Sun that allows users to create meme coins in minutes).
The largest token of that type is Sundog (SUNDOG), which began trading on August 16. As of now, its price is around $0.30, representing a whopping 300% increase on a weekly scale, while its market capitalization exceeds $300 million.
The meme coin’s rally caught the eye of numerous industry participants, some of whom assumed this was just the beginning of a major bull run. One X user claimed that SUNDOG has been on an accumulation pattern that could be followed by a price explosion to as high as $1 “really soon.”
Other TRON-based meme coins that have seen the light of day recently and performed quite well include Suncat (SUNCAT), Dragon Sun (DRGN), FoFar (FOFAR), and many more.
