TRON: New record value for TRX token between bananas and Trump
After Hedera (HBAR) and SUI, TRON is the next cryptocurrency to reach a new all-time high in the bull market and the altcoin season. About 13 hours ago, on Wednesday night, the TRX token reached its new all-time high of $0.44 per token, eclipsing the highest value, which is now about seven years old.
With a market capitalization of around $33 billion, TRON is now ranked 10th in the ranking of the largest crypto assets in the world. The Ethereum alternative is of course closely linked to founder Justin Sun, who started the blockchain network in 2017 and then converted it into a Decentralized Autonomous Organization (DAO) in 2021. Nevertheless, his influence is undisputed.
Most recently, Sun caused a stir in the crypto industry when he ate a banana artwork by Italian artist Maurizio Cattelan, which he had purchased at a New York auction for $6.2 million, in front of running cameras. He said that the true value of the artwork lies in the concept and not in its physical design.
Publicity stunts are part of Sun’s business. In 2019, for example, he spent $4.6 million to bid on a dinner with star investor Warren Buffet. All of this helps to strengthen TRON’s image as a successful blockchain project.
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Rooting for Trump
Sun is also very active in other areas and is deliberately trying to curry favor with the next US President, Donald Trump. According to his own statements, he invested around 30 million dollars in World Liberty Financial, the crypto project associated with Trump that aims to strengthen and protect the US dollar with the help of stablecoins. “The US is becoming a blockchain hub, and Bitcoin has Donald Trump to thank for that,” Sun recently wrote on X. “TRON is committed to making America great again and leading innovation.”
Apart from the sensational actions of TRON founder Sun, the blockchain is in active use mainly because of Tether’s leading stablecoin USDT. 61 of the total 135 billion USDT (i.e. around 45%) now run on the TRON blockchain. Only Ethereum with 72 billion USDT is more significant; all other blockchains such as Solana, Avalanche, Polkadot, or TON are insignificant as far as Tether is concerned. USDT transactions make up around a third to a quarter of all TRON transactions.
Otherwise, TRON is one of several challengers to Ethereum with the TRX token, wrangling with cheap transactions and the ability to build decentralized apps (dApps) on the blockchain to attract developers around the world. There is also a series of hackathons held around the world, as well as the TRON/BTTC Integration Fund and TRON DAO Ventures to fund projects. And yes, there are of course NFTs too.
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