Tron's (TRX) price has recently surged by 16%, reaching a new all-time high of $0.2381. This price spike is driven by a significant 112% increase in daily trading volume and a rise in whale activity, with large transactions over $100,000 increasing substantially. Furthermore, large holders have been accumulating more TRX, adding to the optimism for a short-term price increase.
The recent rally in TRX is part of a broader altcoin surge, as Bitcoin dominance has decreased, signaling the potential start of an altcoin season. Analysts are expecting this altcoin rally to continue into early 2025, potentially benefiting other cryptocurrencies like Ether (ETH). Additionally, Tron founder Justin Sun's $30 million investment in the World Liberty Financial (WLFI) project is seen as another catalyst for the growth of TRX.