As everyone watches whether Bitcoin can update its historical peak, Tron coin has already updated its highest price first. Once popular as a Chinese coin, the cryptocurrency lost popularity as the hegemony of virtual assets shifted from China to the United States.
In this bull market, he swiftly took advantage, surpassing the historical peak. Personally, as someone who has held a small amount for a long time, I am just happy about it. We will explore the reasons and outlook for the price surge of Tron coin.
Reasons for the price surge
TRX is a cryptocurrency that I personally welcome. I have known about the project since it was 2 won, and during the bull markets of 2019 and 2020, it created a huge boom by being traded only on specific exchanges. At one point, it surpassed 200 won, causing a whirlwind.
However, due to the repeated negative policies of the Chinese government regarding virtual assets, projects based in China struggled and fell behind. However, Tron was different. Its founder, Justin Sun, rapidly expanded the ecosystem into DeFi through his innate influencer qualities and insights into trends.
Since then, it has made various attempts in line with trends, entering the realm of games and memes. Currently, with the emergence of various dApps based on Tron, it has confidently risen to the 10th position in market capitalization.
However, for a long time, the price remained stagnant, leading to a growing negative perception of the Chinese affiliations being powerless. In fact, just a while ago, TRX was struggling around the 200 won mark.
Recently, riding the positive winds of the cryptocurrency market, it was running in the late 200 won range when suddenly, within a few days, it surged and updated its highest point, surprising the market.
The previous peak was around 230 won in 2019, and once it surpasses this point, there are no trapped goods, allowing for a steep rise. Moreover, due to Justin Sun's statements, the price rose briskly and surpassed 600 won within a few days.
Currently, it is undergoing correction and staying around 371 won. Since it has already surpassed the previous peak by more than twice, TRX holders are dreaming of cash prices.
What could be the reason for the rapid price surge in such a short time? It is primarily due to Justin Sun's statements. With strong showmanship, he often makes remarks that could influence the market, similar to Elon Musk, through Twitter.
This time, he left a post on Twitter saying TRX=XRP.
Ripple is a virtual asset born for fast remittances in the financial market. It is recognized globally, as many financial institutions have considered and tested the use of XRP.
With this tweet, there are forecasts that TRX might become the next Ripple. One significant statement from the founder while already on an upward trend was enough to capture the market's attention.
Especially as XRP has essentially won in its fight with the SEC, showing a positive trend and firmly holding its place within the top 10, there is growing expectation that TRX will show a similar trend.
Additionally, regarding the domestic situation, there is content expressing solidarity with the people of South Korea, which is also receiving attention.
Price Outlook
The most curious aspect of TRX's outlook is whether it will become a cash currency. The dream of cash is not limited to Tron.
Having influenced the market for a long time and not losing support even in the long battle with the SEC, Ripple has always aimed to break 1,000 won.
And through this bull market, it has jumped from 1,000 won to around 3,000 won, transforming into a cash currency. Thanks to this, it has managed to rise again to the 3rd position in market capitalization after being pushed out of the top 5.
The price that TRX dreams of seems to reflect this. Justin Sun's tweet seems to convey such hopes and atmosphere.
Given the current atmosphere, it seems that nothing is impossible. This is because Ripple has repeatedly risen and corrected after updating its historical peak, jumping up to 3,000 won.
If a parallel theory with Ripple is realized, it seems we could get somewhat close.
Moreover, unlike XRP, which has already fluctuated between 600 won and 700 won, TRX surged from the 200 won range, reducing the burden on the price.
Even with a surge, there is a possibility of rising even more. It is currently nearly three times higher than the existing price. If it rises to 900 won, crossing 1,000 won will likely be just a matter of time.
I am curious about what kind of magic Justin Sun, who excels in showmanship, will use to attract attention. We have explored the reasons and outlook for the price surge of Tron coin.
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