TRON Achieves Record Revenue, But Faces Price Drop Amid Market Rally
TRON, a well-known cryptocurrency, has experienced a surge in daily revenue, reaching an all-time high. However, the price of TRON has seen a significant correction after reaching a 40-month high on August 21.
The price of TRON (TRX) soared to $0.165, a level not seen since April 2021. This sudden increase was largely driven by the hype surrounding the SunPump meme coin, as investors flocked to the Pump.fun competitor.
Despite the initial rally, TRX faced mounting selling pressure from both long-term and short-term holders looking to take profits. As a result, TRON’s price declined by 5% in the past 24 hours and is currently trading at $0.151.
TRON’s market cap currently stands at $13.16 billion, causing it to lose its 10th place spot to Cardano (ADA). Conversely, the global cryptocurrency market cap rose by 0.7% over the past day, reaching $2.23 trillion. During this time, Bitcoin (BTC) also surpassed the $60,000 mark.
Justin Sun, the founder of TRON, revealed in a recent post that the daily revenue on the network reached an impressive $5.33 million on August 21, marking a new all-time high. According to Sun, TRON’s revenue has surpassed that of all other blockchains following this latest surge.
Despite the price pullback, only 0.48% of TRX holders are currently experiencing losses, as indicated by data from IntoTheBlock. Around 12% of TRX holders are either breaking even or have made modest gains, while the remaining holders have seen substantial profits from their TRX investments.
Further data analysis shows that the majority of TRX addresses, roughly 62%, have held onto their investments for over a year. An additional 33% acquired the tokens within the past one to 12 months, with the remaining 5% being traders who have held their assets for less than a month.
According to information from a crypto.news price page, the TRX Relative Strength Index has cooled down from 85 to 38 over the past 24 hours. This indicator suggests that the token is currently oversold at its current price point. In the event that selling pressure continues to decrease, a price surge for TRON would be anticipated.
In conclusion, while TRON has achieved record-breaking revenue, the cryptocurrency has faced a price decrease amid a broader market rally. Investors and analysts will be closely monitoring the price movements and market dynamics of TRON in the coming days.
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