TRON burns over 12.62M TRX coins as fee revenue hits all-time high

Justin Sun’s altcoin maintained uptrends this week, with prices hitting a 2024 peak of $0.14048 on Feb 21. Meanwhile, two catalysts triggered the impressive price jump for TRON (TRX).

The 12.62 million tokens burnet and the blockchain’s plans to integrate ecosystem tokens with the Bitcoin (BTC) network contributed to the upside stance.

Factors driving TRON’s gains

TRX price touched multi-year prices on Wednesday when the alt climbed to $0.14048. That came after the network’s fee revenue hit record highs of over $1.757 million the previous day.

The milestone burn campaign saw the blockchain burning 12,622,236 tokens on Feb 20.

Moreover, the latest roadmap announcement by Justin Sun supported the alt’s uptrend. He highlighted plans to integrate TRON assets with the BTC network and the upcoming venture into Bitcoin layer2 solutions and Ordinals.

TRX price outlook

TRON traded at $0.1397 at press time. It gained 0.38% and 6.47% on its daily and weekly charts, respectively. The altcoin exhibits a bullish outlook, eyeing May 2021 highs at $0.17.

The Moving Average Convergence Divergence indicated optimism with green bars.

However, TRX might slide before extending its surges. A correction will see it hitting the support barriers at $0.13124 (23.6% FIB retracement), $0.12552 (38.2% FIB retracement), and $0.12090 (50% FIB retracement.

Positive ecosystem developments and bullish broad market will support TRON’s recoveries.

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