Tron price has continued its strong bull run, helped by the surging SunPump meme coins. The TRX token could soar to a record high of $0.2045, giving it a market cap of over $17 billion, making it the 11th biggest cryptocurrency in the industry.
SunPump meme coins are soaring
Tron token has made a strong rally in the past few days, helped by the strong crypto bull run. This rally happened as Tron’s meme coins regained momentum.
Data shows that the Sundog token rose by 35% in the last seven days, giving it a market cap to over $203 million. Tron Bull Coin has surged by 108%, while Invest Zone has soared by 118% in the same period.
Similarly, SunWukong, Muncat, FoFar, and TronKey have jumped by double digits. As a result, the market cap of all these coins has jumped to over $331 million, a remarkable situation for an ecosystem that was launched recently.
Tron price has also jumped as the volume handled in its DEX ecosystem soared by 168% in the last seven days to $670 million. Most of this volume is in Sun.io. Tron has also become the third-biggest player in the DeFi ecosystem, with its TVL soaring to over $7.6 billion.
Meanwhile, Tron has become a major player in the stablecoin industry, where it handles over $50 billion each day.
At the same time, Tron has over 156 million, according to data by TronScan. The top ten holders account for almost 49%, while between 11 and 50 holders having 27% of the share.
Tron’s supply has continued falling in the past few months. There are 86.37 billion tokens in circulation, much lower than the 88.8 billion it had in the same period last year. This drop happened as the network continued to burn the tokens.
Tron price forecast
The daily chart shows that the TRX token price has been in a strong bull run in the past few months. It has roared to a record high of $0.2045, higher than the key support at $0.1685, its highest level on August 25. That level was also notable since it was the upper side of the ascending triangle pattern.
Tron has remained above the 50-day and 100-day moving averages. The Relative Strength Index (RSI) and the MACD indicators have continued soaring. Most notably, the MVRV indicator has moved to 2.7, meaning that it has more gains to go. If this happens, the next point to watch will be at $2.5.
