Tron’s TRX catapulted to a record high early Wednesday, nearly 7 years after its initial release, on no immediate catalysts in a move that liquidated over $21 million in short bets.
TRX jumped 76% to over $0.4, reaching a $34 billion market capitalization, with trading volumes exploding from $2 billion on Monday to over $16 billion in the past 24 hours.
Tron ecosystem tokens and memes surged 35% on average, with some gaining as much as 100%, following TRX’s move, data shows. Value locked on Tron-based protocols zoomed to $14 billion as part of the price surge, DeFiLlama data shows.
While no immediate announcements or developments preceded Wednesday’s movements, Tron founder Justin Sun said last week that the ecosystem had invested $30 million in Donald Trump-backed World Liberty Financial, becoming its biggest investor.
The token is also part of the 2018 cohort of tokens — including XRP, stellar (XLM), and eos (EOS) — that have collectively doubled in the past 7 days amid an apparent cash flow to older projects.
