TRON (TRX) Price Fluctuates Following Launch of Meme Coins

Tron Founder Justin Sun has recently sparked significant interest with the launch of SunPump. In just a week and a half, its main initiative, Sundog, a meme coin operating on the TRX network, has achieved a market valuation exceeding $200 million.

Tron (TRX) price has seen a recent downturn as the market corrects, with its value showing a decreasing trend. However, TRX has shown a strong rally, rising over 25% in the last two weeks. This surge has helped TRX become one of the best performers in the cryptocurrency market during this period.

TRON Price Sees Ups and Downs After Meme Coin Launch

Tron founder Justin Sun has sparked major interest recently with the launch of SunPump. In just a week and a half, its main initiative, Sundog, a meme coin on the TRX network, has seen its market cap soar to over $200 million.

The platform now boasts 20,000 daily active users, quickly gaining steam and potentially rivaling Pump.fun. From August 20 to 22, Sun held extensive talks at X Space, meeting with top crypto influencers and delegates from different meme projects like SunDog, SunCat, Sunwukong, FOFAR, and SunRats. They discussed the trajectory of SunPump and the broader potential in the meme coin sector.

TRX Price Drops 5% Despite Recent Gains: Is a Recovery Coming?

The price of TRON has dropped 5% in the last 24 hours, trading at $0.13 at the time of writing. The asset's market capitalization now stands at $14 billion, making it the 10th largest cryptocurrency in the market.

The technical indicators for TRX on the 4-hour chart show that the price has recently broken out of a rising wedge pattern. The Awesome Oscillator (AO) below the price chart indicates decreasing bullish momentum, as seen in the declining green bars after peaking, which could suggest a potential shift in the trend direction.

According to Coinglass, there has been a significant decrease in trading volume and open interest, which is contributing to the bearish trend in the cryptocurrency markets. Trading volume fell by 24.47% to $367.30 million, and open interest dropped by 7.28% to reach $180.61 million.

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