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Justin Sun News Boosts TRON (TRX) Once More

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TRON

TRON (TRX) has recently seen a significant increase in value, after an entire series of positive news regarding the coin’s progress that was posted by its founder, Justin Sun.

TRON (TRX) has always been known as the coin with one of the strongest communities in the crypto world. This time, the community really came through, once again being led by the TRX founder. In a recent series of tweets listing all the positives that have happened to the TRON project in the last few weeks, Justin Sun seemingly inspired another price surge that has seen TRON go up by no less than 11%.

TRON has done a lot in a very short time, which is an impressive feat by itself. It is even more impressive when we consider how bad this year was for the crypto world, with more than half a year of a bear market. So, what positives has Sun mentioned? What has happened to inspire such a big value increase just by reminding the community about it? Let’s take a look.

TRON gets on KuCoin

KuCoin is a pretty big exchange, currently holding the 53rd spot on the list of exchanges regarding the daily trading volume. Around $17 million worth of different coins go through KuCoin each day, which will mean a lot to TRX, especially since it is paired with both Bitcoin and Ethereum. TRON officially went live on August 28th, only days before the launch of TRON Virtual Machine.

Another large token burn

TRON has recently also held another big token burn, with around $670 million of the remaining ERC-20 tokens being burnt. This is also not the first time that the coin has done this, but is, in fact, the fourth such event in its history.

The launch of TronChat

TronChat has been something that TRON’s community has been waiting for for a while now. It was imagined to be a competition for multiple other social media apps, including YouTube, Instagram, and even Facebook itself. The best thing about it is that it will allow users to earn TRX coins, in addition to being a new large social network.

Its creation was inspired by the flaws and errors that so many other social networks suffer from. Facebook, for example, was criticized for poor protection of the users’ privacy, which is what caused a lot of consumers to lose trust in this and similar platforms.

TronChat aims to fix this and provide users with a new and improved network, that will also be completely trustworthy.

TRON Virtual Machine launch

Let’s not forget the launch of TVM, which was highly anticipated by the entire community for months. The TVM was said to make TRON one of the biggest names in the development of dApps, which will definitely pose a big issue for Ethereum. Ethereum has almost single-handedly started the rise of ICOs thanks to its dApp development platform. For a long time, it was the top player in this field, with no other project even coming close to it. Now, thanks to TVM, TRON will come uncomfortably near, and maybe even completely surpass it.

All in all, TRON has been making a lot of progress in numerous directions. Because of that, it is of a small surprise that piling up all of these achievements inspired a new price surge.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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