Tron (TRX) continues to rise while crypto market falters
Tron’s TRX token is back at it again with a stunning 11.34% rise to the upside against its Bitcoin trading pair.
Justin Sun’s controversial project is now more than 302% up from its yearly low of $0.0086 in March, with it currently commanding a valuation of $0.0337.
Earlier this week TRX, which has a market cap of $2.4 billion, surged to a high of $0.0497 in spite of a wider market sell-off that saw Bitcoin fall to as low as $9,910.
While there has been some confusion as to why TRX rose while the rest of the market sold-off, the reason is connected to the recent rise in popularity and optimism around decentralised finance (DeFi).
With the vast majority of DeFi activity and yield farming is taking place on Ethereum, Tron founder Justin Sun has launched JustSwap, a token exchange protocol on Tron’s blockchain.
In spite of its critics, Tron does boast fairly quick transactions with low fees, especially compared to the mounting Ethereum gas costs of late.
This may lead to a potential exodus from those currently capitalising on the DeFi wave on the Ethereum chain, with more reliability being offer on the Tron chain.
In terms of TRX’s chart, it remains in a clear uptrend but needs to ensure it continues trading above the $0.0319 level of resistance turned support.
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