Tron Revenue Up 170% In 1 Year, TRX To Print New All-Time Highs?

Share This Post

Tron is already one of the top performers in the top 10, looking at its impressive growth over the last ten months. The smart contracts platform dominates USDT transfers while also making inroads into meme coins and snapping market share from Solana.

Tron Revenue Up 170% Year-On-Year

Recent data shows that the resurgence of Tron and its emergence as a leader in USDT transfers, even surpassing Ethereum and its broad ecosystem, has pushed revenue by 170% in the past year alone.

According to Lookonchain data, the network’s revenue rose to $7.28 million as of mid-October, expanding from $2.69 million registered over the same time last year.

Tron revenue expanding | Source: @lookonchain via X

Like Ethereum and other public ledgers, Tron relies on the 27 Super Validators to process transactions and secure the network. Every transaction or smart contract deployment attracts a gas fee.

According to IntoTheBlock, the average transaction fee on Tron is $0.21. The low fees and higher scalability explain why Tron attracts USDT holders, who are organically engaged in remittance rather than trading or even meme coin minting.

Meme Coin Activity And SunPump Driving Revenue: Will TRX Resume The Uptrend?

In August, with the activation of SunPump, a meme coin launchpad, the influx of meme coin minters and speculators saw the platform generate more fees. This was on top of those from the normal token and USDT transfers.

According to Dune, over 90,800 meme coins have been launched on Tron through SunPump since early August. After peaking in the third week of August, meme coin activity has been tapering and fizzling throughout October. In the past 24 hours, only 16 tokens were created.

SunPump revenue | Source: Dune Analytics

Moreover, SunPump has generated over $5.4 million in revenue for Tron validators. Revenue, derived from transaction fees, peaked on August 21 when the meme coin launchpad generated over $588,000.

Interest in SunPump and the success of its first meme coin, SunDog, saw TRX prices soaring. As of August 25, the coin has soared to over $0.16.

Tron prices trending sideways on the daily chart | Source: TRXUSDT on Binance, TradingView

However, with meme coin activity dropping and SunPump revenue falling, TRX has been sliding. At press time, the local support is at $0.15. However, if bulls push prices above $0.17, TRX can easily fly to print new all-time highs.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

‘Dino Coins’ Roar Back: XRP, XLM, and ADA Lead the Charge in Weekend Gains

Coins colloquially labeled as “dino coins” have dominated the weekend’s crypto gains, with XRP, XLM, and ADA enjoying substantial upticks over the past 24 hours Leading this

Ethereum Sees $1.4 Billion In Exchange Outflows This Week – Strong Accumulation Trend?

Ethereum has faced a challenging start to the year, shedding 15% from its recent local highs and dipping to a low of $3,157 The altcoin leader’s decline comes amid heightened market volatility and

Crypto ATM Numbers Approach Record High: A Steady Recovery After Industry Shocks

After a turbulent 2023 followed by a recovery in 2024, the global count of crypto-automated teller machines (ATMs) is inching closer to its former high of 39,958, achieved on Dec 1, 2022 Crypto ATMs

Cardano (ADA) Price Prediction For January 12

The post Cardano (ADA) Price Prediction For January 12 appeared first on Coinpedia Fintech News ADA, the native token of the Cardano blockchain, is poised for significant upside momentum after

$7,000 Ethereum In Sight? Expert Breaks Down The Potential Path

There is a reason for Ethereum fans to be optimistic, as expert analysis suggests that the cryptocurrency is going to touch the skies in the coming months As Bitcoin has just crossed $94,000,

Analyst Says This Leading Meme Coin Is Set For 115% Explosion – It’s Not Dogecoin Or Shiba Inu

Meme coins Dogecoin and Shiba Inu have dominated bullish predictions from crypto analysts in recent weeks, with many analysts predicting new all-time highs, especially for Dogecoin However, according