TRON Reaches New All-Time High After Doubling in Value

On December 3, TRON (TRX) surged by 103.4%, reaching a new all-time high of $0.45.

At the time of writing, daily gains eased to 63.6%. The price stands at $0.381. The cryptocurrency fell to 11th place by market capitalization ($32.5 billion) after a brief stint in the top 10.

Rachel Lucas from BTC Markets attributed the asset’s rally to political instability in South Korea.

“TRX’s role as a widely used token for transfers between exchanges makes it a tool for traders looking to quickly move funds between platforms,” — explained the specialist.

According to her, trading restrictions on Upbit, which sometimes accounts for over 80% of digital asset turnover in South Korea, might have increased TRX trading volume.

Analyst Min Jeong from Presto Research questioned the impact of the political crisis in the country on the crypto asset’s dynamics.

“This could also be part of a broader ‘Dino rotation,’ where ‘old-timers’ like XRP rally in the current market conditions,” noted the expert.

He mentioned that growth was also supported by projects like Iota and Vechain.

“Additionally, rumors suggest a significant portion of TRX supply is controlled by [TRON founder] Justin Sun, raising questions about the rally’s organic nature or its influence,” — concluded the specialist.

Justin Sun himself could not ignore TRON’s rally.

6 years later.
Still here.
Still #BUIDLing.

Things have changed, but one thing hasn’t: #TRON remains a top 10 contender.? https://t.co/0xgGmVtpvK

— H.E. Justin Sun ? (@justinsuntron) December 3, 2024

“Six years later. Still here. Still #BUIDLing. Things have changed, but one thing hasn’t: TRON remains a top 10 contender”, — he commented.

In November, Sun paid $6.24 million for Maurizio Cattelan’s work “Comedian,” featuring a banana taped to a wall.

Later, he purchased 2 billion WLFI tokens from the World Liberty Financial crypto platform for $30 million, making the TRON founder the largest investor in a project linked to Donald Trump’s family.

Previously, CryptoQuant founder and CEO Ki Young Ju explained the absence of an altseason.