TRON Hits All-Time High: Can Chinese Public Blockchains Make a Comeback Overnight?
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TRON Hits All-Time High: Can Chinese Public Blockchains Make a Comeback Overnight?
"Zombie cryptocurrencies" surge collectively, leading gains in the crypto market.
Navigating Web3 tides with focused insightsBy Leek, Foresight News
On the evening of December 3, the crypto market experienced a "bilateral" trend.
First, sudden political turmoil in South Korea caused its largest cryptocurrency exchange Upbit to show negative premium, with Bitcoin briefly dropping to $60,000 on the platform, eventually leading to system downtime. In other markets, Bitcoin also briefly fell below $94,000, marking a significant pullback.
On the other hand, the recovering altcoin market maintained strong momentum, demonstrating independent price action on the evening of the 3rd. Notably, a collective surge among established tokens from two market cycles ago drew particular attention.
Forbes previously published an article listing zombie cryptocurrencies with market caps exceeding $1 billion, including XRP, EOS, and ADA. Interestingly, these so-called "zombie cryptos" rallied collectively last night, leading the broader crypto market upward.
According to the latest data from CoinMarketCap, multiple veteran crypto projects such as TRON, Kadena, NEO, and EOS recorded strong gains, pushing the total global crypto market cap to $3.51 trillion, with 24-hour trading volume surpassing $290 billion.
TRON (TRX): New All-Time High After Six Years
Founded by Justin Sun, TRON ranked among the top gainers, surging over 70% in 24 hours and nearly 96% within the week. At the time of writing, the latest price was $0.37.
The TRON project was launched in 2017 by Justin Sun and is one of the primary blockchains for USDT usage. TRON’s previous all-time high occurred in January 2018 when the price briefly exceeded $0.30.
After six years, TRX has now set a new record high. Once known for low transaction fees, TRON's network costs have risen alongside the surge in TRX’s token price, approaching Ethereum mainnet fee levels.
IOTA: Nine-Year-Old Project Soars Nearly 40% Overnight
The second-largest gainer over 24 hours was IOTA, a nine-year-old legacy project. IOTA rose 39% in 24 hours and more than 159% within the week. At press time, the latest price stood at $0.56.
The IOTA project was co-founded in 2015 by David Sønstebø, Serguei Popov, Dominik Schiener, and Sandy Pusz—all recognized 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 miners, making it especially suitable for Internet of Things (IoT) applications requiring high throughput and low cost. Tangle is not a blockchain—there is no chain, no blocks, and no miners in the world of Tangle.
IOTA’s all-time high was reached in December 2017, when its price surged to $5.25.
EOS: Farewell, EOS—$1,000 Was Indeed Just a Dream
EOS (nicknamed “Yuzi”) also appeared on the gainers list, rising nearly 31.8% in 24 hours and close to 86% within the week. At the time of writing, EOS was priced at $1.52.
The EOS project was launched in 2017 by Daniel Larimer and Brendan Blumer, aiming to build a high-performance blockchain platform supporting large-scale commercial applications. It features fast transaction processing and high scalability, capable of handling millions of transactions per second, along with zero transaction fees—an attribute that once attracted many developers.
EOS enjoyed a period of prominence during its development, famously dubbed the “Ethereum killer.” Its price peaked at $22.89 in 2018. Today, however, the project has largely faded from mainstream attention.
NEO: Weekly Gain of 65%
Another veteran project from two cycles ago, NEO (also known as “Xiaoyi”), also made the gains list, up 22% in 24 hours and 65% week-on-week. At press time, the latest price was $23.10.
NEO was founded in 2017 by Da Hongfei. Initially aiming to create a blockchain-based smart economy platform enabling digital asset creation, circulation, and trading, NEO briefly surpassed a $10 billion market cap in 2017. Its all-time high was reached in January 2018 when the price exceeded $168. Although NEO has rebounded recently, it remains far from its peak, and project热度 has long since cooled.
VET: Weekly Gain of 74%
VeChain (VET) gained over 12% in 24 hours and nearly 74% within the week. At the time of writing, the latest price was $0.07.
Founded in 2015 by Sunny Lu, VeChain aims to decentralize supply chain management using blockchain technology, providing end-to-end traceability solutions from production to consumption. By combining blockchain with IoT technology, VeChain became one of the early well-known Chinese-origin public blockchains.
VeChain’s all-time high was reached in April 2021, when the price approached $0.28. Breaking this high remains a distant prospect.
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