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TRON (TRX) Suddenly Jumps 11%, Here Might Be Reason

Sat, 06/03/2023 - 10:56
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Tomiwabold Olajide
TRX has been on steady rise since March 22 after its price hit lows of $0.056
TRON (TRX) Suddenly Jumps 11%, Here Might Be Reason
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TRX, the native cryptocurrency of the TRON blockchain, unexpectedly increased by 11% going into the weekend.

At the time of writing, TRX was up 11.20% in the last 24 hours and up 12% since the past week to $0.085. TRX is outperforming in terms of daily gains among the top 20, as these were posting marginal gains in the last 24 hours.

XRP, which is up 11% for the specified time frame, is second to TRX in terms of weekly gain.

After steadily rising since March, TRX made a big move on Friday following a major announcement of TRON going live on the Ethereum blockchain via the BitTorrent bridge.

TRON founder Justin Sun made it known on Twitter that TRON (TRX) has expanded its reach by going live on the Ethereum blockchain by leveraging the BitTorrent bridge. "TRX is now fully accessible within the Ethereum ecosystem," the TRON founder added.

On-chain analytics firm Santiment highlights that crypto is seeing a bullish end to the week. This comes as the majority of crypto assets are trading in green at press time after earlier declines in the week.

It states a few assets that have seen significant price increases as the week wraps up, which include TRON's TRX.

Santiment adds that the performance of equities in the upcoming week might give a clue as to how crypto assets might perform, given an "ongoing tight correlation."

TRON sets new high in daily transactions

TRX has been on a steady rise since March 22 after its price hit lows of $0.056. The move gained immense traction on June 2 as TRX exploded from lows of $0.074 to reach highs of $0.084.

The rise was sustained till press time, with TRX attaining highs of $0.085. The move propelled TRX ahead in crypto market rankings, as it currently sits at the 11th spot with a market capitalization of $7.73 billion.

All eyes are currently on TRON to see if it will reenter the top 10 with its latest bullish move.

On June 1, TRON founder Justin Sun shared the exciting news that the network has hit a new record high in daily transactions, with 10,935,762 transactions processed.

Sun states that the growth in transactions is expected to bolster protocol revenue, proving that TRON's fundamentals remain strong even in a challenging market.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.