Solana

April

TRON

TRON’s daily revenue reached a new all-time high while its price witnessed a quick correction after touching its 40-month-high. 
On Aug. 21, TRON (<a href="https://crypto.news/price/tron/" target="_blank" rel="noreferrer noopener">TRX</a>) reached $0.165, a level not seen since April 2021. The rally was majorly <a href="https://crypto.news/trx-jumps-12-amid-sunpump-memecoin-hype/" target="_blank" rel="noreferrer noopener">triggered</a> by the SunPump meme coin hype as investors jumped on the <a href="https://crypto.news/pump-fun-token-crash-leaves-investors-stuck-holding-the-bag/" target="_blank" rel="noreferrer noopener">Pump.fun</a> competitor. 
However, TRX quickly faced increased selling pressure as both long-term and short-term holders aimed at profit-taking. TRON declined 5% in the past 24 hours and is trading at $0.151 at the time of writing. 
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 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/TRXUSDT_2024-08-22_10-49-59.png" alt="TRON revenue hits new ATH, price falls despite market-wide rally - 11"> 
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 TRX price and RSI – Aug. 22 | Source: <a href="https://crypto.news/price/tron/" target="_blank" rel="noreferrer noopener">crypto.news</a>
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The TRX market cap is currently sitting at $13.16 billion, losing the 10th spot to Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noreferrer noopener">ADA</a>).&nbsp;Notably, the global crypto market cap <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="">increased</a> by 0.7% over the past day, reaching $2.23 trillion. While TRX witnessed a bearish correction, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) surpassed the $60,000 mark.&nbsp; 
 You might also like: <a href="https://crypto.news/ftm-leads-crypto-rally-with-17-surge-eyes-further-gains/"> FTM leads crypto rally with 17% surge, eyes further gains </a> 
According to an X post by TRON founder Justin Sun, the daily <a href="https://crypto.news/sunpump-buoys-trons-24-hour-revenue-over-ethereum/" target="_blank" rel="noreferrer noopener">revenue</a> on the network reached $5.33 million on Aug. 21, marking a new all-time high. Sun claims that TRON’s revenue surpassed all other blockchains with the latest rise.&nbsp; 
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 Yesterday, TRON's revenue reached an all-time high of $5.33 million, ranking first among all blockchains. It's still early. Let's keep the momentum going. 💪— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) <a href="https://twitter.com/justinsuntron/status/1826494249325703474?ref_src=twsrc%5Etfw" target="_blank" rel="">August 22, 2024</a>
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Despite the pullback, only 0.48% of TRX holders are currently at a loss, according to data from IntoTheBlock. Roughly 12% of the TRX holders are close to their investment — either at a minor loss or little gains. The remaining holders enjoy major <a href="https://crypto.news/94-of-trx-holders-in-profit-amid-quick-price-recovery/" target="_blank" rel="noreferrer noopener">profits</a> on their TRX holdings, per ITB. 
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 <img loading="lazy" decoding="async" width="1248" height="298" src="https://crypto.news/app/uploads/2024/08/Screenshot-2024-08-21-114101-1.png" alt="TRON revenue hits new ATH, price falls despite market-wide rally - 12"> 
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 <figcaption class="wp-element-caption">
 TRX token summary – Aug. 22 | Source: <a href="https://app.intotheblock.com/coin/TRX/quick-view" target="_blank" rel="">IntoTheBlock</a>
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Data shows that the majority of TRX addresses, around 62%, have been holding on to their investments for over a year. 33% of them have accumulated the tokens between one and 12 months. The remaining 5% are traders as their assets are younger than a month. 
Per data from crypto.news price page, the TRX Relative Strength Index cooled down from 85 to 38 over the past 24 hours. The indicator shows that the token is oversold at this price point.&nbsp;If the selling pressure continues its decline, a price surge would be expected for TRX. 
 Read more: <a href="https://crypto.news/solana-etfs-have-just-suffered-a-huge-setback-heres-why/"> Solana ETFs have just suffered a huge setback — here’s why </a>

TRON revenue hits new ATH, price falls despite market-wide rally

crypto.news

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