Tron decouples from market downturn, TRX spikes 12%

Cryptopolitan2024/08/20 16:00

By:By Ashish Kumar

TRON price jumps by 12% in the last 24 hours, while BTC and ETH declines 2% each. Launch of Sundog on Justin Sun’s new meme coin platform SunPump has driven major gains. Sundog’s market cap hit $200 million in its debut week, with a 237% surge in the past 7 days.

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The biggest cryptos Bitcoin (BTC) and Ether (ETH) printed red indexes continuing their losing streak but not Tron (TRX). Riding on the meme coins linked rally, TRX turned out to be the heaviest gainer in the top 100 cryptos, decoupling from the bearish sentiments running in the market.

TRON price spiked by almost 12% in the last 24 hours while Bitcoin and Ether prices took a dip of over 2% each. The recent surge has helped TRX reclaim its spot as one of the largest 10 cryptos by market capitalization.

Tron takes over the meme coins frenzy

Justin Sun is shaking up the crypto world again with Sundog (SUNDOG), a meme coin that just broke into the market with a $200 million market cap. Sundog launched on SunPump, Tron’s new meme coin platform , rivalling Solana’s meme ecosystem.

The meme coin frenzy on the Tron ecosystem is pumping TRX hard. Sundog launched on August 15th and has already skyrocketed by 237% in the last 7 days. IntoTheBlock data shows that the Tron Dao ecosystem recorded a surge of 124% in the number of transactions valued between $100 and $10,000, which is likely driven by the hype around SunPump.

TRX price jumped by over 19% in the last 30 days, while BTC and ETH declined by 11% and 26%, respectively. Its rival in the meme coin frenzy, Solana slid by 17% in the same period. TRX is trading at an average price of $0.16, at press time. Its 24 hour trading volume is up by 124% to stand at $1.62 billion. It will be crucial to see if this rally can help it to attain the new all-time high ahead.

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Sundog jumps 76% in 24 hours

Introducing SunPump, Justin Sun in an X post stated that he feels a big wave of meme coins on TRON is about to hit centralized exchanges and can generate a FOMO in the market. Sun added that he had several talks with major meme community leaders about the meme ecosystem on Tron. “This turned out to be good for the ecosystem as leaders plan to bring millions of users to the network,” he added.

As per the data provided by CoinGecko, Sundog is the trendiest coin operating on the Tron ecosystem. It’s up by more than 76% in the last 24 hours to trade at $0.236, at press time. Its 24 hour trading volume is up by 27% to stand at $64.2 million. However, Sun Token (SUN) is the TRON’s biggest meme coin and has recorded a spike of 69% in the last 7 days.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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