Bitget Partners with TRON DAO and Acquires $10 Million in TRX
Bitget, a leading digital asset trading platform, has partnered with TRON DAO, a Layer-1 blockchain founded by Justin Sun. As part of this collaboration, Bitget acquired $10 million in TRX, the tenth-largest cryptocurrency by market capitalization.
Partnership Goals and Blockchain Performance
The partnership aims to empower developers and enhance accessibility for TRON users. Currently, TRON ranks as the third-largest blockchain by total value locked (TVL), which stands at $7.57 billion according to DefiLlama.
Tron has processed over 9 million transactions since its inception, primarily due to low transaction fees averaging 1.21 TRX, with each token priced at $0.2506. This affordability has contributed to an increase in daily active addresses, reaching 2.87 million by December 16th, 2023.
Current Market Status of TRX
As per CoinMarketCap, TRX is trading at $0.2521, reflecting an 8.43% decline over the last 24 hours and a 42.89% drop from its all-time high of $0.4407. However, TRX has seen a 24.02% increase over the past month, while its market cap is $21.76 billion.
Bitget Token (BGB) Performance
Bitget is currently the sixth-largest crypto exchange by volume, with $10.1 billion traded in the past 24 hours and ranking third in derivatives volume with $63.27 billion. The native token, BGB, trades at $4.32, up 0.88% in the last 24 hours, with a market cap of $5.87 billion.
BGB reached a new all-time high of $4.88 recently, experiencing a 29.56% increase over the past week and a significant 216.66% rise over the last month. Since December of the previous year, BGB has gained 553.05%, outperforming many established digital assets.
Source: TradingView
The Relative Strength Index (RSI) for BGB is currently at 88.30, indicating that bullish momentum persists. However, the overbought condition suggests a potential price correction may occur soon.