Ancient cryptocurrencies dream back in one night: TRON hits a new historical high, can the Chinese public chain be revived?

Author: Leek, Foresight News

On the evening of December 3, the cryptocurrency market experienced a wave of "bilateral" trends.

First, sudden political changes in South Korea led to a negative premium on its largest cryptocurrency exchange, Upbit, causing the price of Bitcoin to drop to $60,000 at one point, which ultimately resulted in the platform going offline. In other markets, Bitcoin also briefly fell below $94,000, showing a significant pullback.

On the other hand, the recently revived altcoin market continued to maintain a strong trend, exhibiting independent movements on the evening of the 3rd, particularly the collective surge of some well-established coins from two cycles ago, which was especially noteworthy.

Forbes previously published an article listing zombie cryptocurrencies with a market cap of over $1 billion, including XRP, EOS, and ADA. Interestingly, last night these "zombie cryptocurrencies" collectively surged, leading the overall cryptocurrency market.

According to the latest data from CoinMarketCap, several established crypto projects such as TRON, Kadena, NEO, and EOS recorded strong gains, pushing the total global cryptocurrency market cap to $3.51 trillion, with a 24-hour trading volume exceeding $290 billion.

TRON (TRX): Reaches Historic High After Six Years

The performance of TRON, founded by Justin Sun, ranks among the top gainers, with a 24-hour increase of over 70% and a weekly cumulative increase of nearly 96%. As of the time of writing, the latest price is $0.37.

The TRON project was established by Justin Sun in 2017 and is one of the main public chains for USDT usage. TRON's historical highest price occurred in January 2018, when it briefly surpassed $0.30.

After six years, the price of TRX has reached a new historic high. TRON was once known for its low transaction fees, but with the surge in TRX token prices, its network fees are now approaching those of the Ethereum mainnet.

IOTA: Nearly 40% Surge After 9 Years

Ranking second in the 24-hour gainers is the ancient project IOTA, which surged 39% in 24 hours and over 159% in a week. As of the time of writing, the latest price is $0.56.

The IOTA project was co-founded in 2015 by David Sønstebø, Serguei Popov, Dominik Schiener, and Sandy Pusz, all of whom are technical experts.

IOTA's core innovation lies in its use of Tangle technology, which differs from traditional blockchain architecture. Tangle is a directed acyclic graph (DAG) designed to improve transaction efficiency by eliminating the need for miner participation, making it particularly suitable for applications requiring high throughput and low costs, such as the Internet of Things (IoT). Tangle is not a blockchain, as there are no chains, no blocks, and no miners in the Tangle world.

IOTA's historical highest price occurred in December 2017, when its price briefly soared to $5.25.

EOS: Goodbye to Grapefruit, 1000 Yuan is Indeed a Dream

EOS also appeared on the gainers list, rising nearly 31.8% in 24 hours and close to 86% in a week. As of the time of writing, the latest price for EOS is $1.52.

The EOS project was founded in 2017 by Daniel Larimer and Brendan Blumer, aiming to build a high-performance blockchain platform to support large-scale commercial applications. Its features include fast transaction processing capabilities and high scalability, capable of processing millions of transactions per second, and its zero transaction fees once attracted many developers.

Throughout its development, EOS experienced a period of high visibility, being referred to as the "Ethereum killer." In 2018, its price reached a high of $22.89. Currently, it has lost most of its popularity.

NEO: 65% Increase in a Week

The project "Antshares" (NEO) from two cycles ago also appeared on the gainers list, with a 24-hour increase of 22% and a weekly increase of 65%. As of the time of writing, the latest price is $23.1.

NEO was founded by Da Hongfei in 2017. NEO's initial goal was to create a blockchain-based smart economy platform that allows users to create, circulate, and trade digital assets. In 2017, NEO's market cap briefly surpassed $10 billion, and its historical highest price occurred in January 2018, when it broke through $168; although NEO has rebounded, it is still far from its historical high, and the project's popularity has long peaked.

VET: 74% Increase in a Week

VeChain (VET) saw a 24-hour increase of over 12% and a weekly increase close to 74%. As of the time of writing, the latest price is $0.07.

VeChain was founded in 2015 by Sunny Lu. Its goal is to achieve decentralized supply chain management through blockchain technology, providing end-to-end tracking solutions from production to consumption. By adopting blockchain and IoT technology, VeChain is also one of the early well-known public chains among the Chinese community.

VeChain's historical highest price occurred in April 2021, when its price approached $0.28. Currently, it still has a significant distance to break new highs.