The tokens associated with Justin Sun's blockchain ecosystem, BitTorrent (BTT) and Tron (TRX), experienced significant price surges this week, driven by major milestones within the Tron network. The primary catalyst was the announcement that the Tron blockchain has surpassed 200 million total users, solidifying its position as a major player in the industry.
BitTorrent (BTT) formed what traders call a "god candle," a large bullish candlestick, surging to a high of $0.0000011. This represents its highest price since January 8th and a gain of approximately 50% from its weekly low. The token's rally was attributed to strong fundamentals within the BitTorrent Chain ecosystem, including a rise in total miners to over 7.94 million and super miners to 6.2 million. Furthermore, the number of BTT wallet accounts now exceeds 429 million, and daily transactions recently spiked by over 191 million.
A key technical factor for BTT was the formation of a double-bottom pattern at $0.00000077, followed by a breakout from a falling wedge pattern, both considered strong bullish indicators by analysts.
Concurrently, Tron (TRX) jumped to $0.1055, its highest level in over a year, marking a 130% increase from its December 2022 low. The growth of the Tron DeFi ecosystem is a core driver. Data from DeFi Llama shows Tron is the second-largest DeFi chain by Total Value Locked (TVL), with over $8.1 billion. This surpasses the combined TVL of 15 other major chains, including BNB Chain, Arbitrum, Polygon, and Optimism.
The Tron ecosystem is heavily anchored by JustLend, a lending protocol that now holds over $6.5 billion in assets, making it the fourth-largest DeFi protocol overall. Tron is also the second-largest platform for stablecoins, hosting over $48 billion, predominantly Tether (USDT). Justin Sun highlighted that over 34.5 million Tron users (17.2% of the total) hold USDT.
The broader market context of a returning "alt season," fueled by Bitcoin's rise above $44,000, provided additional tailwinds for both TRX and BTT, as well as other altcoins like Solana (SOL).
