Over the past few days, Tron (TRX) has been leading the crypto space with a surprising bull rally amidst the sluggish market.
In the past 24 hours alone, TRX has surged by more than 11% to $0.1656, its highest price so far in 2021. Additionally, Tron has risen by more than 25% in the past seven days alone.
Considering that TRX was valued at $0.1174 on August 5 when the global cryptocurrency market fell, the Altcoin has rebounded by 41%.
This impressive performance has attracted a lot of attention from the crypto community, especially as it has propelled Tron into the top ten ranking of the most prominent crypto assets.
Specifically, Tron has pushed long-time leader Cardano (ADA) out of the top 10. Its current market cap is around $14 billion, which is more than $1 billion higher than ADA’s current market cap.
While this was happening, markets remained largely stable, with most assets seeing gains of 2% or even losses on a daily basis.
Aaron Arnold, a well-known community commentator and host of the Altcoin Daily channel, attributed Tron’s surge to the emergence of the memecoin craze on the Tron network.
Meme Coin Frenzy on Tron
The SUNDOG meme coin was launched this month after Tron founder Justin Sun launched his groundbreaking meme coin platform SunPump. The meme coin has already caused a huge stir in the cryptocurrency space, rising by more than 300% in just a few days.
Notably, some traders turned small investments such as $1,700 into $20 million fortunes during this period. These activities affected the underlying blockchain, attracting more users to participate in Tron’s meme coin craze.
Tron Dominates the Stablecoin Market
In addition to meme coins, Tron is also active in the stablecoin market. In the past seven days, Tether minted $3 billion worth of USDT, of which $1 billion came from the Tron network.
Over the past year, Tether has minted about $33 billion in USDT, of which $19 billion was minted on Tron. While Tether’s total supply is about $117 billion, $58.52 billion of these USDT tokens (49.91%) were minted on the Tron blockchain, far exceeding Ethereum’s 38.9% share.
In addition, this month, Tether's weekly transaction volume on the EVM chain exceeded 18 million, setting a new high. Data shows that more than 77% of transactions occurred on Tron, making it the leading platform for USDT transfers.
Due to a combination of these factors, the price of TRX has been significantly impacted. The token is currently on track to reclaim its 2021 highs and potentially break its all-time high set in 2018.
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