TRON (TRX) has experienced a significant surge in market activity, bringing the company into the headlines. In November 2024, TRON achieved $587 billion in USDT transfers, a 30% increase from previous months.
This significant expansion highlights TRON's position as a leading blockchain platform for stablecoin trading, known for its fast transaction speeds and low fees. As the cryptocurrency market continues to evolve, TRON's deflationary model and the increasing popularity of stablecoins may pave the way for larger price increases.
USDT transfer volume on TRON reached a historic high of $587.2B (monthly)
"Driven by strong interest in cryptocurrencies in recent months, stablecoins have seen significant growth. TRON has become the leading blockchain for stablecoin transfers.
This chart highlights... pic.twitter.com/150KEggTlK
— CryptoQuant.com (@cryptoquant_com) December 14, 2024
Further growth and technical analysis
As indicated by recent technical analysis, TRON's current trading price is $0.279, showing strong upward momentum after reversing from a support level of around $0.2400. Analysts expect the currency pair to break through the subsequent resistance level of $0.3200, which had previously hindered its price in early December.
TRX's price increased by 43% last month. Source: Coingecko
The crypto market currently holds a positive outlook supporting this view, as it suggests that TRON may continue on an upward trajectory. Given that TRON's market capitalization currently exceeds $35 billion, its rapid expansion reflects a broader trend of capital flowing into mature cryptocurrencies as investors seek stability amid market volatility.
TRX's market capitalization currently stands at $23.9 billion. Source: TradingView.com
Experts foresee a bright future
Cryptocurrency expert Andrew Griffiths believes TRON could soon reach $3 to $5. He stated that the network's popularity as a stablecoin and payment tool is the reason for this growth. The growing demand for USDT could help TRON become a larger player in the crypto world.
#TRX TRON is heading towards its peak, and once it squeezes to that level, it will explode; this is bound to happen sooner or later, possibly in the coming months, with a target of $3-5, featuring a crazy deflationary model and the fastest payment processing blockchain. Nothing is... pic.twitter.com/b0xhgqhABT
— Andrew Griffiths (@AndrewGriUK) December 13, 2024
TRON's recent performance has not gone unnoticed; it has become a favorite among investors seeking stable returns. For developers designing decentralized applications (dApps), this is an attractive choice due to its robust infrastructure, capable of processing thousands of transactions per second.
Additionally, TRON is expected to maintain its upward trajectory amid ongoing advancements in the crypto space, such as technological upgrades and partnerships.
The road ahead
TRX recently peaked at $0.45, doubling its valuation overnight and raising its market cap to $39 billion. With founder Justin Sun's $30 million strategic investment in World Liberty Financial, the company's growth trajectory has improved, and TRON is now a major player in the blockchain space.