Tron’s TRX Reaches Record High Amid Surging Trading Volumes

According to CoinDesk, Tron's TRX token soared to a record high early Wednesday, nearly seven years after its initial release, without any immediate catalysts. This unexpected surge resulted in the liquidation of over $21 million in short positions. TRX experienced a remarkable 76% increase, surpassing $0.4 and achieving a market capitalization of $34 billion. Trading volumes skyrocketed from $2 billion on Monday to over $16 billion within the past 24 hours. The surge in TRX also had a ripple effect on the broader Tron ecosystem, with tokens and memes within the network experiencing an average increase of 35%, and some even doubling in value. Data from DeFiLlama indicates that the value locked in Tron-based protocols surged to $14 billion as part of this price escalation. Despite the significant market movements, there were no immediate announcements or developments to explain Wednesday's activity. However, Tron founder Justin Sun recently revealed that the ecosystem had invested $30 million in Donald Trump-backed World Liberty Financial, becoming its largest investor. TRX is part of the 2018 cohort of tokens, which includes XRP, Stellar (XLM), and EOS. These tokens have collectively doubled in value over the past seven days, suggesting an apparent cash flow towards older projects. This trend highlights a renewed interest in established cryptocurrencies, even as newer digital assets continue to emerge in the market.