As the fear of further crypto capitulation gradually dissipates, as shown by the spike of Bitcoin’s (BTC) fear and greed index to 39 percent, more crypto traders have flocked into the altcoin industry led by the Tron (TRX) network.
Furthermore, the crypto cash rotation will soon favor the altcoin industry as Bitcoin dominance signals an inevitable weekly reversal.
Altcoins Gain Momentum
The rotation of cash into altcoins is picking up as Bitcoin’s dominance hints at a possible weekly reversal.
On-chain data from Santiment shows that Tron has been leading the altcoin space after launching the meme coin platform, Sunpump. Since August 12, over 7,000 meme coins have launched on Tron, with Sundog ($SUNDOG) being the frontrunner.
Data from Defillama shows Tron recorded 2.22 million active addresses and $3.84 million in daily revenue within the last 24 hours.
This boost in activity follows the $10 million meme ecosystem fund, driven by the Tron Foundation and Sunpump. It has attracted a wave of new users to the network.
Big Web3 Names Partner with Tron
Justin Sun’s reputation as Tron’s founder has attracted several big Web3 projects, including Dexscreener and some centralized exchanges. Bitpanda, for instance, has announced it will list $SUNDOG for its users.
Impact on TRX Price
The excitement around Tron’s meme coins has pushed TRX prices up by over 20 percent in the last week, trading around 16 cents as of Thursday.
With a market value of about $13.6 billion and an average daily trading volume of $1.8 billion, TRX has also seen a notable rise in on-chain burns since Sunpump’s launch.
Could TRX Hit a New All-Time High?
Thanks to growing interest from both retail and large-scale traders, TRX could be on the path to a new all-time high, fueled by the network’s rapid growth and heightened investor activity.
The Tron meme coin frenzy shows no signs of slowing down. Will TRX reach new heights?
