Hold onto your hats, crypto enthusiasts! Tron (TRX) has just made a splashy comeback into the top-10 crypto rankings with a bang! This blockchain superstar has been flexing its muscles in the market, making waves like never before.
Get this: the total value locked (TVL) on Tron's blockchain skyrocketed to a jaw-dropping $36.2 billion on December 4. It's like the blockchain equivalent of a rock concert, drawing in DeFi fans from all corners of the digital universe.
Tron's network is turning heads with its growing charm for DeFi applications, stablecoin shenanigans, and smart contract wizardry. And the TRX token? It hit a record-breaking high of $0.44, smashing a seven-year dry spell. It's like watching a phoenix rise from the ashes! Though it cooled down to $0.33, it still boasted a weekly gain of 66%, proudly reclaiming its spot among the crypto elite.
So, what's fueling this rollercoaster ride? Speculation is buzzing around like bees about TRX possibly joining Grayscale's exclusive club of investment assets. Grayscale hinted at TRX being one of 35 tokens under the magnifying glass, with updates on the way, sparking dreams of institutional backing.
And let's not forget the charismatic Tron founder, Justin Sun. He's been shaking things up, dropping a cool $30 million on WLFI tokens linked to Donald Trump’s brainchild, ‘World Liberty Financial,’ and even snagging an advisory gig. Sun’s involvement with the quirky artwork “Comedian” has also stirred a whirlwind of community buzz, sending shockwaves through related tokens like BAN.
Meanwhile, Messari’s latest scoop reveals that Tron's stablecoin market cap is on a steady uphill climb. Over the past year, it’s been marching onward, with Q3 keeping the rhythm. The market cap swelled from $58.02 billion to $59.97 billion, and now it's dancing around the $60 billion mark.
USDT is ruling the stablecoin roost on Tron with a whopping 98% market share. Other stablecoins are also joining the growth parade in Q3. USDD, Tron's second-in-command stablecoin, had a tiny growth spurt, while TUSD stole the spotlight with a whopping 87% surge. USDJ wrapped up the top four, ending Q3 with a 4% boost.
Tron's on a wild ride, and it's not showing signs of slowing down. Keep your eyes peeled, because this crypto tale is just getting started!
