TRX Breaks Record High After 6 Years Amid 77% Price Surge, Broader Altcoin Boom

Tron (TRX), the native token of the blockchain platform founded by Justin Sun, has experienced a remarkable 77% surge in the last 24 hours, reaching an all-time high of $0.43.

The last time the TRX token traded at these levels was in 2018, a fact not lost on the prime minister of Liberland himself (Sun was elected as PM of the small nation on the Croatian side of the Danube River in October).

TRX's sharp increase comes amid a broader shift in the crypto market, as altcoins gain momentum while Bitcoin and Ethereum remain largely flat. In fact, Bitcoin's dominance has slipped from 62% to 55% over the past two weeks, according to TradingView data, signaling growing investor interest in altcoins.

Several factors are contributing to Tron's impressive price performance. One major catalyst is speculation that the platform could be included in future Grayscale investment products. In October, Grayscale included TRX among the 35 tokens under consideration for its digital asset investment trusts, sparking renewed optimism among investors who see this as a potential step toward institutional legitimacy. Grayscale’s quarterly updates on its inclusion process have heightened anticipation, leading many to speculate that institutional capital could soon flow into Tron.

Additionally, Tron's recent price movement coincides with the broader crypto market's recovery, especially for older, undervalued projects. According to Pat Zhang, head of WOO X Research, who spoke to Decrypt: "Most older projects are fully circulated and have dropped over 90% from their peaks, allowing small amounts of capital to significantly boost prices and attract market liquidity." This trend is evident in TRON's price spike, which has been fueled by both retail and institutional interest.

Sun’s involvement in high-profile ventures, including his $30 million investment in World Liberty Financial (WLFI)—a DeFi project backed by the Trump family—has generated buzz in both the crypto and traditional financial sectors. His acquisition of a famous "banana" artwork at a recent Sotheby’s auction for $6.2 million – and then consuming said artwork – also drew attention, indirectly boosting interest in related projects, including Tron's meme coins like Sundog (SUNDOG) and FoFar (FOFAR), which have seen massive gains in recent days.

Justin Sun Says He’ll Eat $6.2 Million Banana Bought at Sotheby’s

With the banana now under his ownership, Sun has added another layer to Comedian’s narrative—a piece that began as a satirical commentary on art market excess has itself become a testament to that very phenomenon.

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Sun even said in a post on X that Tron could follow in the footsteps of XRP, which has seen explosive growth in 2024, becoming the third-largest cryptocurrency by market capitalization after a major legal victory.

If Tron's momentum continues, it could set the stage for further price increases and a potential shift in the competitive landscape of the crypto market.