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Tron (TRX) achieves a historic milestone today, setting a new all-time high (ATH) record after its price spiked by over 16% in 24 hours.
Tron has performed incredibly well over the past few weeks. As of November 3, TRX was priced at $0.1598 per token. The token has witnessed a 50.93% spike since then to a new all-time high (ATH) record of $0.2412, according to data from CoinGecko.
Prior to this new record, Tron’s previous all-time high was registered in June 2018, when its price surged to $0.22. However, the token waited over six years before it finally set a new record of $0.2412.
This milestone follows a multi-week rally that began on November 12. Tron’s price surged 12.72% at the time, soaring from $0.1658 to $0.1869. Afterward, Tron registered slight gains until December 3, when it witnessed its biggest daily increase of 16.2%. This rally pushed TRX’s price to the new ATH of $0.2412.
Massive Whale Activity
The development comes shortly after the asset witnessed a spike in whale activity. On December 2, data from IntoTheBlock showed that large transactions worth at least $100,000 spiked 195.90% in 24 hours to 722 from the previous day’s record of 244.
Interestingly, the total TRX traded within this period amounted to 2.04 billion tokens, representing a surge of 238.63% from the 602.42 million TRX volume on December 1.
It is worth noting that an increase in whale activity typically drives up retail demand for the asset.
100% Tron Addresses See Profit
Although Tron has retraced slightly from its peak price to $0.2358, all addresses holding TRX in on-chain wallets are currently in profit.
IntoTheBlock’s Global In/Out of Money (GIOM) indicator shows that 159.35 million addresses, representing 100% of all Tron on-chain addresses, are in the money.
Amid the price surge, Tron’s market cap also increased to $20.9 billion today, marking a new ATH valuation for the asset. Despite retracing to $20.57 billion, Tron still ranks as the 12th biggest cryptocurrency on CoinGecko, ahead of Toncoin (TON), which boasts a market cap of $16.77 billion.