TRX soars 21% as Tron network activity jumps 124%

Tron (TRX) has surged 21% over the past week, driven by a combination of heightened network activity and the excitement surrounding the launch of SunPump, a new meme coin platform.

The impressive price rally has propelled TRX into the top 10 cryptocurrencies by market cap, with its price climbing from $0.126 to $0.1524.

SunPump launch boosts network transactions

The launch of SunPump has been a game-changer for the Tron network, significantly increasing on-chain transactions.

The excitement surrounding SunPump has led to a 124% increase in transactions on the Tron network, particularly those ranging between $100 and $10,000. On a single day, transactions between $100 and $1,000 surpassed $100 million, while those between $1,000 and $10,000 exceeded $50 million.

As the excitement around SunPump surges, meme coins launched on SunPump are skyrocketing with the likes of $sunkong $wolf $shiro seeing their market cap rise above $1 million in record time.

Moreover, the attention from influential leaders in the meme coin community has further fueled this growth. These leaders are keen on integrating their communities into the Tron ecosystem, which could bring millions of new users and amplify TRON’s appeal.

The integration of these communities is expected to drive up network activity and value, providing a robust foundation for TRX’s continued bullish trend.

Tron Network’s daily transactions surge

The performance of the Tron network has also been impressive, with daily transactions hitting nearly 8 million. This high throughput, combined with TRON’s focus on stablecoins like USDT, USDJ, TUSD, and USDC, has contributed to its overall growth.

The network’s ability to handle 2,000 transactions per second, coupled with a substantial liquidity pool of $60 billion in TRON USDT, enhances its attractiveness to both users and developers.

If TRX maintains momentum, it could target $0.1480

Technical analysis suggests that TRX is currently on a bullish trajectory. The token is trading above its 100-day Simple Moving Average (SMA) and has formed a bullish trend line.

If TRX maintains this momentum, it could target $0.1480 and potentially $0.1520, with resistance at $0.157.

While the token may face some short-term fluctuations, including possible retracements to $0.14 or $0.13, the overall sentiment remains positive.

The increased activity on the Tron network, fueled by new developments and growing user interest, positions TRX well for continued growth and stability in the coming weeks. With TRX’s market cap currently standing at around $12.49 billion and a daily trading volume nearing $733 million, the TRX token is witnessing increased investor interest.