The price of TRON’s TRX token has exploded upward this year, surging more than 220% to a new all-time high close to the $0.42 mark before enduring a slight correction that brought it back to the $0.33 level at the time of writing.
TRON’s price rise is part of a wider cryptocurrency market rally that started after Republican presidential candidate Donald Trump won the US presidential election after campaigning on a pro-cryptocurrency stance. The rally has seen Bitcoin, the flagship cryptocurrency, surpass the $100,000 psychological resistance level for the first time ever.
The cryptocurrency’s surge also comes amid an explosion in large holders’ net flow, which shows the netflows of TRX holders with at least 0.1% of the cryptocurrency’s circulating supply. Data from IntoTheBlock shows that net flows surged from around 78 million to over 8.19 billion worth of TRX amid the surge.
Source: IntoTheBlock
TRON recently received a lot of attention after its founder Justin Sun acquired Maurizio Cattelan’s controversial artwork “Comedian” – infamously known simply as ‘The Banana’ – for a staggering $6.2 million at a Sotheby’s auction in New York.
The acquisition of the artwork, a banana taped to a wall, made international headlines as Sun’s plan was to simply eat the banana. The blockchain entrepreneur positioned the piece as a bridge between art, meme culture, and cryptocurrency communities, suggesting it would spark future discussions and secure its place in history.
Sun, a central and often controversial figure in the crypto space, has built a reputation for grabbing headlines since founding the TRON blockchain platform in 2017. Currently serving as Grenada’s Permanent Representative to the World Trade Organization, Sun has become known for his bold moves in both the digital asset space and traditional markets.
Notably, Sun was the third person to eat the artwork. The piece’s physical banana can be replaced when it rots, and the duct tape can be renewed as needed. It was first consumed by artist David Datuna after it was sold for $120,000 in 2019, before being consumed by a student at the work’s exhibition at a Seoul museum in 2023.
Featured image via Unsplash.
