Tron (TRX) is enjoying a significant surge in the crypto markets right now. The 10th largest cryptocurrency by market capitalization posted a new 6-year high above $0.21 earlier today. It looks to regain some lost ground against other layer blockchains like Solana (SOL) and Cardano (ADA).
Tron’s dramatic price recovery just before the much-awaited altcoin season is largely attributed to its adoption by the burgeoning meme coin economy. Many analysts believe the coin is set for a massive 2025 as the market becomes receptive to old coins with newfound utility.
Tron was launched in 2017 during the first altcoin wave and quickly gathered a cult following among short-term traders that propelled it to an All-Time High of $0.30 in January 2018. This ATH still stands even after more than 6 years. However, a relatively poor 2020-2021 bull market dampened the hopes of long-term investors, and many divested from the coin and went into newer, more happening alternatives of Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), Polkadot (DOT) and Polygon (MATIC).
However, the coin has shown great promise in the buildup to the highly anticipated 2024-2025 bull market, rising more than 110% during the last 12 months. Here is its price action during this time:
Image Source: TradingView
Tron’s rise has been the loss of other Layer 1 solutions as the former tries to regain its spot in the highly competitive coin market. It has posted a new 70-month high of $0.21 and isn’t looking to back down soon. The coin is expected to target the ATH of $0.3 in the coming weeks and will likely be in a long-term bullish phase by the turn of the year.
Tron-based meme tokens post strong growth as TRX mounts a challenge to Solana’s supremacy at the top of the meme coin food chain. The total market capitalization of Tron meme coins has reached $327 million, which seems high but pales in comparison to $20 billion or so based on the Rust-based SOL. So, TRX has a lot of catching up to do, but it means there is significant potential for a massive price uptick, from which traders can benefit. The next few months are expected to define the legacy of Tron and its blockchain ecosystem. Analysts are keeping a close eye on the proceedings.
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