The Tron price held steady on Wednesday as the ecosystem continued to expand. The TRX token rose after Justin Sun’ Sun.io announced that it had acquired JustSwap. The coin is trading at $0.1032, which is about 128% above the lowest level in July. This price is also about 42% below its all-time high while its market capitalization is at $7.4 billion.
Sun.io acquires JustSwap
Justin Sun is one of the most influential people in the blockchain industry. He is the creator of Tron, the biggest blockchain operating system in the world.
At the same time, he is the owner of BitTorrent, the peer-to-peer system. He bought BitTorrent in a $180 million deal in 2018 and then pushed the launch of BTT tokens. BTT has a market cap of more than $2.4 billion.
Tron is a blockchain project that provides the infrastructure that is necessary to build decentralized applications. The network has more than 43 million accounts and has helped handle more than 2.1 billion transactions.
Data compiled by TronScan shows that Tether worth more than $8.4 billion has circulated in Tron’s ecosystem in the past 24 hours. Other stablecoins like USDC, Just Stablecoin, and True USD have seen transactions worth millions of dollars.
The Tron price is rising after Justin Sun announced that his Sun.io had acquired JustSwap. Sun.io is decentralized finance (DeFi) platform built using Tron’s network. It has a total value locked of more than $1.3 billion. The staked value of stablecoin pools is worth more than $630 million.
JustSwap, on the other hand, was Tron’s first token exchange protocol. The acquisition will create SunSwap, which will be the biggest DeFi platform in Tron. After this, the developers will build and develop SUNSwap v1.5 and introduce more features. This will be followed by SunSwap V2.0 and v2.5.
Tron price prediction
The daily chart shows that the TRX price has been in a bullish trend in the past few days. The price, however, has struggled to move above the key resistance level at $0.1230, which was the highest level in September.
It has also moved slightly above the 25-day and 50-day moving averages. The Tron price has also moved above the ascending trendline. Therefore, the price will likely keep rising as bulls target the resistance at $0.1230, which is about 30% above the current level.
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