The events of the past seven days have turned into nightmares in the entire cryptocurrency market. Bitcoin started the week at $ 11,500 and managed to rise to $ 12,050 a few days later. But then it went downhill, so to speak.
In less than two days, BTC lost about $ 1,500 of its value and its price dropped to its current level of $ 10,500. However, the leading cryptocurrency – with the exception of TRON – also took all the large volumes of altcoins, dropping to $ 9,875 on Binance.
The most popular DeFi coins are also bleeding. Leading DeFi tokens Yearn Finance, YFI’s governance token also got its share from this.
Regardless of the above, one of the milestone events of the past seven days has been astronomical fees on Ethereum’s network. Prices show all-time highs, largely driven by the DeFi craze. Multiple users reported $ 100 fees for simple staking transactions, and this deserves the notion that DeFi has become profitable only for whales.
TRON (TRX) went up about 80% in a single week. This rise occurred when almost the entire cryptocurrency market was in the red zone. For this reason, the altcoin has attracted everyone’s attention.
As it is known, the leading crypto currency Bitcoin (BTC) has been facing sharp declines since yesterday. But despite this, TRON continues to rise. Altcoin has increased by about 4% in the last 24 hours. So why didn’t this affect TRON when the cryptocurrency market was in such a bad state?
According to the cryptocurrency community and analysts, the reason why TRON is on the rise is due to Justin Sun’s projects. The sensational name Justin Sun, founder of TRON, launched the Sun.Market mining pool on September 2. Justin Sun also announced that they are preparing a new DeFi coin called “SUN”. Currently, investors are trying to get SUN reward by staking their TRX, so they transfer their coins to the Sun.Market.
Another project of TRON founder Sun, Just (JST) has also increased by 130% in the last 1 month.
TRON (TRX) Price Analysis
Long-term charts signal dips that could send the price to $ 0.023, according to Tanya Abrosimova of FX Street. TRON’s TRX has recently been among the top 20 performing digital assets. The coin gained more than 15% on a daily basis and over 80% on a weekly basis. At the time of writing, TRX was trading at $ 0.034.
According to CoinMarketCap data, cryptocurrency ranks 13th in the global cryptocurrency rating with its current market value approaching $ 3 billion. Average daily trading volume has increased by over 700% compared to the average daily trading volume recorded in the previous week, approaching $ 7 billion in the last 24 hours. The analyst also thinks that the rise behind TRX is based on the new project launched by Justin Sun, Sun Token. This new DeFi project could be the main reason behind the TRX price hike. While the creator of TRON (TRX) has recently announced the success of TRX on Twitter, some community members worry that the price of the asset could drop with the release of staked TRX coins.
Abrosimova expressed that they hope that this price level will increase even more and the price will stay there after the early stages of the Sun project.