The price of TRON (TRX) saw a significant increase on July 1, 2024, due to several key factors:
Increase in Liquidity:
Tether (USDT) recently sent $1 billion in USDT tokens to the Tron network to replenish liquidity pools, demonstrating Tron's ability to handle large transaction volumes efficiently and economicallyâ (CoinCodex)ââ (CoinGecko)â.
Extended Network Use:
Tron has become one of the most used blockchain networks, surpassing Bitcoin and Ethereum in terms of daily active users. This is mainly due to its ability to process large international payments quickly and with low costsâ (CoinCodex)ââ (Cointelegraph)â.
Accumulation by Large Investors:
Large investors (whales) have been accumulating TRX, purchasing over $160 million in the last month. This accumulation has created buying pressure that has helped drive up the priceâ (BeInCrypto)â.
Bitcoin Halving Expectations:
The expectation of the Bitcoin halving in April 2024 has also positively influenced the cryptocurrency market in general, including TRX. The halving is expected to boost the prices of several digital assets, including Tronâ (CoinCodex)â.
These factors combined have led to increased demand and an increase in the price of TRX, reflecting investor confidence in the capacity and future growth of the Tron network.
