Tron (TRX) Pumps Massively, But Something Is Happening in Background

Tron (TRX), the cryptocurrency created by Justin Sun, has experienced a substantial price increase over the last three days, with its futures gaining around 10% in value. This bullish activity represents the first major uptick for TRX in recent weeks, following a period of turbulence fueled by rumors about Justin Sun's possible arrest and the collapse of Tron-based algorithmic stablecoin USDD.

Timeline of Tron

Since the last wMarket report on Friday, the cryptocurrency market saw net outflows of $0.43 billion and currently stands at $1.12 trillion — down 0.04% from $1.12 trillion. Since May 19, the Bitcoin (BTC) and Ethereum (ETH) market caps fell 0.01% and 0.5% to $520.14 billion and $218.57 billion, respectively.

Tron (TRX/USD) price has been in a relentless rally even as other cryptocurrencies retreated. The coin has jumped in the past four straight days and is now hovering at the highest level since June last year. It has soared by more than 70% from the lowest level in November last year.

The Tron network gave the community some noteworthy updates, however, TRX didn't mirror the expected excitement. A shift in trend could be observed in the long run but short-term prospects remain motionless.

On the daily timeframe, the market structure was bullish. This gave a bias for TRX heading into the analysis on lower timeframes, but the $0.71-$0.073 area posed a crucial obstacle.

Last Wednesday, Justin Sun, founder of Tron (CRYPTO: TRX), gave a keynote interview to kick off the second episode of Benzinga's virtual trade show series, “Crypto Unlocked.” The event focused on global real-life use cases for crypto and Tron's role as the leading network for USD-backed stablecoin Tether (CRYPTO: USDT).

Tron (TRX) founder Justin Sun says he plans to start trading memecoins. Sun tells his 3.4 million Twitter followers that he'll trade the memecoins and “promising projects” through his public address. “Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

[PRESS RELEASE – Geneva, Switzerland, May 12th, 2023] Messari, a leader in crypto market research and intelligence, recently released reports on both the USDD stablecoin as well as the TRON blockchain ecosystem.

In recent weeks, the crypto market has been dominated by rising interest in meme coins. These digital currencies, often with no practical use cases, have gained significant popularity among investors seeking quick profits.

The virtual event includes keynote speaker Justin Sun and leaders from Tron DAO to discuss global crypto use cases. DETROIT, May 10, 2023 - Benzinga, a prominent source of investment information in both traditional finance and Web3, has unveiled the next installment of its virtual event series, Crypto Unlocked.

Buyers and sellers showed indecision, as TRX's bullish momentum stalled at key resistance level. Investors should thus put serious thought into TRX's price action before making their next move.