TRON’s daily revenue hit a new all-time high as its price saw a rapid correction after hitting a 40-month high.
On August 21, TRON (TRX) hit $0.165, a level not seen since April 2021. The rally was primarily sparked by hype around meme coin SunPump, as investors flocked to competitor Pump.fun.
However, TRX quickly faced increased selling pressure, with both long and short-term holders aiming to take profits. TRON is down 5% in the last 24 hours and is trading at $0.151 at the time of writing.
TRX’s market cap currently stands at $13.16 billion, losing the 10th spot to Cardano (ADA). It is worth noting that the global cryptocurrency market cap increased by 0.7% over the past day, reaching $2.23 trillion. While TRX has seen a bearish correction, Bitcoin (BTC) has surpassed the $60,000 mark.
According to a post on X by TRON founder Justin Sun, the network’s daily revenue hit $5.33 million on August 21, marking a new all-time high. Sun claims that TRON’s revenue has surpassed that of all other blockchains with this latest surge.
Despite the decline, only 0.48% of TRX holders are currently in losses, according to data from IntoTheBlock. About 12% of TRX holders are close to their investment, either with a minor loss or small gains. The rest of the holders are enjoying significant profits on their TRX holdings, according to ITB.
The data shows that the majority of TRX addresses, about 62%, have held their investments for more than a year. 33% of them have accumulated the tokens between one and 12 months. The remaining 5% are traders as their assets are less than a month old.
According to data from the crypto.news price page, the TRX Relative Strength Index has dropped from 85 to 38 over the past 24 hours. The indicator shows that the token is oversold at this price level. If the selling pressure continues its decline, a price rally would be expected for TRX.
