TRON (TRX) market activity has seen a notable increase, leading the company to make headlines. In November 2024, TRON achieved an extraordinary figure of 587 billion dollars in USDT transfers, an increase of 30% compared to previous months.
This notable expansion underscores TRON’s status as a preeminent blockchain platform for stablecoin transactions, distinguished by fast transaction speeds and low fees. TRON’s deflationary model and the growing popularity of stablecoins may pave the way for even more substantial price increases as the cryptocurrency market continues to develop.
USDT transfer volume on TRON hits all-time high of $587.2 billion (monthly)
“Stablecoins have seen notable growth, driven by strong interest in cryptocurrencies in recent months. TRON has become the leading blockchain for stablecoin transfers.
This graphic highlights the… pic.twitter.com/150KEggTlK
– CryptoQuant.com (@cryptoquant_com) December 14, 2024
Higher growth and technical analysis
TRON, what is currently trading at $0.279, has demonstrated strong bullish momentum following a reversal from a support level around $0.2400, as indicated by recent technical analysis. Analysts anticipate that it will surpass the subsequent resistance level of $0.3200, which previously impeded its price in early December.
The current positive sentiment in the cryptocurrency markets supports this view as it suggests that TRON could continue its upward path. With TRON’s market capitalization currently exceeding $35 billion, its rapid expansion reflects a broader trend of capital movement into established cryptocurrencies as investors seek stability in the face of market volatility.
Expert foresees a promising future
Andrew Griffiths, a cryptocurrency expert, believes that TRON could soon reach between $3 and $5. He says the network’s popularity as a stablecoin and payment tool is the reason for this growth. The growing demand for USDT may help TRON become a bigger player in the cryptocurrency world.
#TRX TRON is heading towards its apex, once it reaches that level it will explode, this will happen sooner rather than later possibly in the next few months, the target is 3 to 5 USD with an incredibly deflationary model and the fastest blockchain to payments. Processing, nothing is… pic.twitter.com/b0xhgqhABT
—Andrew Griffiths (@AndrewGriUK) December 13, 2024
TRON’s recent performance has not gone unnoticed; It has become the favorite of investors seeking constant returns. It is an attractive option for developers designing decentralized applications (dApps) due to its robust infrastructure, which allows thousands of transactions per second.
Furthermore, TRON is expected to maintain its upward trajectory amid continued advancements in the cryptocurrency sector such as technological upgrades and partnerships.
The road ahead
TRX recently hit a high of $0.45, doubling its valuation overnight and raising its market value to $39 billion. With founder Justin Sun’s $30 million strategic investment in Global financial freedomThe company’s trajectory has improved and TRON is now a major player in the blockchain scene.
Featured image from Fast Company, TradingView chart
