As a seasoned crypto investor with over a decade of experience in this volatile market, I find myself both intrigued and cautious by the recent developments surrounding TRON (TRX). The daily revenue reaching an all-time high is indeed impressive, but the quick correction following the 40-month high has me slightly concerned.
On a daily basis, TRON’s earnings hit an unprecedented peak. However, following a brief surge that took its price to a 40-month high, TRON experienced a swift decline.
As a researcher, I observed an intriguing development in the crypto market on August 21st. TRON (TRX) surged to $0.165, a figure last seen in April 2021. This substantial increase was primarily fueled by the escalating hype around SunPump, a meme coin. Investors, drawn by the allure of Pump.fun’s competitor, flocked to capitalize on this trend.
Initially, TRX experienced a rise in selling activity from both long-term investors looking to cash out their profits and short-term holders aiming for immediate gains. Consequently, TRON dropped by 5% over the last day, currently trading at $0.151 as we speak.
The TRX market cap is currently sitting at $13.16 billion, losing the 10th spot to Cardano (ADA). Notably, the global crypto market cap increased by 0.7% over the past day, reaching $2.23 trillion. While TRX witnessed a bearish correction, Bitcoin (BTC) surpassed the $60,000 mark.
As a researcher delving into the world of cryptocurrencies, I recently came across an intriguing post by Justin Sun, the founder of TRON. He shared that on August 21st, the daily revenue generated on the TRON network astonishingly peaked at $5.33 million, setting a new record high. Sun further asserted that with this recent surge, TRON’s revenue outpaced all other blockchain networks.
Yesterday, TRON set a new record with its revenue at a staggering $5.33 million, placing it at the top among all blockchain networks. The journey has just begun; let’s maintain this incredible pace! 🚀
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 22, 2024
Although there’s been a dip, about 0.48% of Tron (TRX) investors are currently experiencing losses, as indicated by data from IntoTheBlock. Approximately 12% of TRX holders are in a relatively precarious position, either barely breaking even or seeing minor losses, while the majority of TRX holders are raking in substantial profits based on ITB’s findings.
Approximately two-thirds (62%) of TRX address holders have kept their investments for more than a year, while around a third (33%) acquired their tokens within the past 12 months. The remaining 5% of addresses represent active traders, as they have held their assets for less than a month.
According to information from crypto.news, the Relative Strength Index (RSI) of TRX has dropped significantly from 85 to 38 within the last 24 hours. This indicates that the token is currently oversold at its current price level. If selling pressure continues to decrease, a price increase could be anticipated for TRX.
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2024-08-22 10:18