The TRON price (TRX) has gained more than 5% in the past 24 hours, making TRX the best-performing top 10 cryptocurrency over that period.
The ninth-largest cryptocurrency on the market enjoyed a strong Sunday session, gaining more than 10% from its opening price of $0.069. The digital coin reached an intraday high of $0.078, before finishing the session at $0.077.
The TRON rally continued during today’s morning trading, with the coin’s price reaching a near two-week high of $0.084 in the early hours of the session. While the digital currency has since pulled back to lower levels, it has mostly held above the $0.08 mark. At the time of writing, the TRON price was hovering around $0.08, according to data from cryptocurrency tracker Coinmarketcap.
TRON’s robust performance is likely due to growing excitement over the upcoming launch of the TRON mainnet, which is scheduled for May 31. The event will see TRX migrating from the Ethereum network to its own blockchain and promises to bring a number of benefits, including transaction speeds “hundreds of times” faster than Ethereum. Following the launch, the mainnet will undergo a testing period, with the genesis block expected to be created on June 25.
Earlier this month, TRON’s founder Justin Sun announced that a TRON Virtual Machine (VM) would be launched on May 25. According to him, the VM will enable “complete compatibility” with the Ethereum VM, meaning that dApps built on the Ethereum blockchain could operate on the TRON mainnet. “All Ethereum developers will be able to use an adapter to migrate seamlessly from Ethereum dApp projects to TRON,” Sun wrote in a blog post.
In today’s trading, the TRON price stood at $0.079, as of 16:53 BST. The digital currency has gained 5.6% in the past 24 hours. The coin’s total market capitalisation currently stands at $5.2 billion.