TRON (TRX) price is experiencing a notable upswing, ranking among the top market gainers despite ongoing market corrections. The bullish trend has sparked speculation about a potential climb to new all-time highs. Traders have shown a growing interest in TRX as its value continues to rise steadily, driven by increasing large transaction volumes.
TRON Price Bolstered by TRX Token Burn Event
TRON price saw significant movement following the recent TRX token burn on October 8th. The network burned over 11 million TRX tokens, designed to enhance deflationary mechanisms and boost value.
A total of 5,991,836 TRX tokens, valued at approximately $958,693.76, were removed from circulation, contributing to the network’s deflationary goals. The burn demonstrated Tron’s ongoing commitment to increasing scarcity and promoting long-term value growth.
#TRON just burned 11,057,643 #TRX on October 8th 🔥 showcasing a commitment to deflation & value growth 🚀 With a net negative production ratio of -5,991,836 🤯 pic.twitter.com/FdwIfPcqjb
— TRON Community (@TronixTrx) October 9, 2024
As a result, TRON reported a net negative production ratio of -5,991,836 tokens. This event is part of Tron’s broader strategy to position TRX for sustained upward price trends.
TRX Price Eyes ATH with Steady Growth
TRON price is experiencing a notable upward trend. The TRX price is $0.1602, reflecting a 2.82% increase in the last 24 hours. The coin hit a daily low of $0.1557 and a high of $0.1604, showing steady movement within a tight range. TRON’S all-time high stands at $0.3004, a drop of about 46.65% from its peak in January 2018.
TRON has gained significantly from its all-time low of $0.001091, recorded on September 15, 2017. This marks a massive rise of 14,584.38%.
TRON price prediction shows upward momentum, with a significant rejection occurring at the $0.2 level. This bullish movement has led to a rise in TRX value. If this positive trend continues, TRX could potentially climb to $0.25. Most crypto markets today are trading in a sideways trend, with BTC price hovering above $62,000.
Further gains push the price to a new all-time high of $0.3. If market conditions remain favorable, this scenario is possible by the end of October. The Awesome Oscillator (AO) currently shows positive momentum at 0.0036, signifying an upward trend.
Recent data from IntoTheBlock shows a significant increase in large cryptocurrency transactions, coinciding with minor price fluctuations. According to the data, large transactions surged, reaching 405 on October 8. The trend demonstrates a steady correlation between large transaction volumes and price movements and is indicative that institutions are interested in TRX at the current price levels. Often times, a spike in large transactions can be used as proxy of these whales and could serve as a buy or sell signal.
With strong upward momentum, TRX is poised for further gains, fueled by rising transaction volumes and deflationary events. If current trends persist, TRON could approach its all-time high soon, marking a significant milestone for the cryptocurrency.
Frequently Asked Questions (FAQs)
TRON’s all-time high stands at $0.3004, which was reached in January 2018.
TRON has risen approximately 14,584.38% from its all-time low of $0.001091 recorded on September 15, 2017.
Analysts suggest that if the bullish trend continues, TRX could potentially reach $0.25 or even $0.30 by the end of October.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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