The Tron (TRX) Network had made substantial leaps in the last 24 hours, gaining vast amounts of value even when the rest of the cryptocurrency markets were plummeting. In its latest update, TRONSCAN reported that it had achieved over 4 billion total transactions within this time frame, which is quite impressive given how many other networks are struggling.
The total transfer value of the tokens exceeded $5 trillion at the beginning of August, according to a TRONSCAN tweet. With the addition of 105 million new users and 3.6 billion transactions to its network, it achieved the position of the second-largest public chain by stablecoin market cap.
In less than two months, it surpassed over $12.5 billion worth of total value locked (TVL) within its network and also boasted more than 115 million users. However, this increase is to be viewed as the latest rumor that TRON founder Justin Sun may be the actual buyer of the giant cryptocurrency exchange Huobi Global.
Huobi Global revealed over the weekend that Capital Management had acquired control of it. But the Chinese blockchain news portal WuBlockchain said on October 10 that it has “learned from multiple sources” that Justin Sun, the founder of TRON, is “the core investor” in this fund of mergers and acquisitions.
The Rumor Drives Tron (TRX) To Green
Justin Sun’s rumor has resulted in a 3.0% increase for TRX over the past day, pushing its value up to $0.066093 per coin, according to CoinGecko’s statistics. In addition, by Nomic’s data, the amount of trade within a 24-hour period increased significantly by 70%, reaching $787.92 million.
Moreover, like most cryptocurrencies, the token undergoes regular cycles of dramatic increases and decreases. The first major change in price for TRX happened in December 2017; it spiked from around $0.01 to $0.04. The token reached its highest point (ATH) at just over $0.23 on January 5, 2018 – increasing 400% in under a week.
In 2020, there was a sharp decrease because of the COVID-19 pandemic, and small gains were recorded in early 2021 after it subsided. But unfortunately, a “Crypto Winter” hit TRX and other cryptocurrencies in 2022. The coin is currently 72.2% below its all-time high price and is still struggling to recover its value.
Additionally, based on the most recent price predictions, TRX’s price began the year 2022 at $0.0759. As of now, the price is down 16% from the start of the year. But, by the end of 2022, the token is expected to cost $0.0701.