Tron (TRX) has seen its value rise above $0.16, the highest level since May 2021, making it the second-largest winner among altcoins in the past 24 hours. This commendable increase positions Tron as the second-best performing altcoin with a rise of up to 12%.

Despite the declines experienced by most altcoins under the influence of Bitcoin, significant developments within the Tron ecosystem have pushed TRX to its current value. Experts have attributed the dramatic rise of the coin to two main causes: the recent legal victory of Justin Sun over the SEC and the unveiling of the SunPump memecoin platform.

Following this legal victory, the purchase of TRX has increased. There has also been a rise following the introduction of the SunPump memecoin platform. Tron reached a new all-time high on August 20, generating over $3.88 million in protocol revenue.