The Impact of the TRON Meme Coin Makes TRX Prices Soar

Bittime - The native token of the TRON network, TRX, has recorded incredible achievements. The price of this coin reached its highest point in the last 39 months. 

The soaring price of TRX is related to the increase in memecoins on the TRON network. How did it happen? Check out the review in this article!

Performa Solid TRX

In recent weeks, TRX has become one of the best performers in the crypto market. The price is up more than 24% in 14 days, with the current trading value at $0.161 (Rp 2,500) per token, according to data from CoinGecko. 

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In addition, TRX has just entered the list of the top 10 largest crypto assets after its market capitalization soared above $14.5 billion (Rp. 224.75 trillion). In 11th position is Toncoin (TON), which experienced a drastic price drop after Telegram founder and CEO, Pavel Durov, was arrested last weekend.

This surge in TRX prices certainly brings big profits to investors. Data from IntoTheBlock shows that currently 100% of TRX holders are enjoying paper profits from their investment. 

Interestingly, the majority of TRX investors (62%) have entered this ecosystem more than one year ago. As many as 33% entered in the last 12 months, and only 5% invested in the last 30 days.

TRX Price Correction Signal

Even though TRX is at the peak of popularity, several indicators suggest that TRX's valuation may experience a correction. 

One of these indicators is the Relative Strength Index (RSI), which measures the speed and change in asset prices and shows whether the asset is overbought (bought too much) or oversold (sold too much).

RSI moves in the range of 0 to 100, where a value above 70 indicates that TRX is in the overbought zone, which means a potential price decline could occur. Currently, TRX's RSI is hovering around this zone, indicating that a price correction may occur in the near future.

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Memecoins on TRON Trigger Price Increases

In addition to solid price performance, the TRON ecosystem is also experiencing a renaissance. Especially, with the emergence of thousands of meme coins on the SunPump platform. 

SunPump, which is associated with Justin Sun, founder of TRON, allows users to create meme coins in just a few minutes. The largest coin of this type is Sundog (SUNDOG), which began trading on August 16.

To date, SUNDOG's price is around $0.30 (Rp. 4,650), up 300% on a weekly basis, with a market capitalization exceeding $300 million (Rp. 4.65 trillion). The meme coin's rally has caught the attention of many industry players, with some predicting that this is just the start of a major bull run. 

Apart from SUNDOG, several other TRON-based meme coins that were also quite successful in their debut were Suncat (SUNCAT), Dragon Sun (DRGN), FoFar (FOFAR), and many more.

With all these developments, it is clear that TRON is enjoying a shining moment, both in terms of token price and in terms of ecosystem innovation. For investors, this is an interesting moment to watch, although they should also be alert to potential price corrections that may come.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.