Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Tron Energy Needs Rise 100% In 3 Months: New All-Time High Incoming?

Share This Post

Tron is now in the top 10 blockchains by market cap, flipping Toncoin and Cardano. While there were initial doubts about the network dying a natural death due to the then “superior” competitor Ethereum in the first few years, the smart contracts platform has surpassed expectations.

Tron Energy Demand Doubles In 3 Months

At spot rates, is TRX likely to print fresh all-time highs, and the mainnet is also thriving. According to IntoTheBlock, the Tron energy requirements have expanded 100% in the past three months.

Experts say the rapid increase in Tron energy indicates growing network activity and rapid adoption. Like Ethereum and other modern chains, Tron is energy efficient and relies on validators for transaction processing.

Tron energy doubles in 3 months | Source: @intotheblock via X

However, in Tron’s case, energy is useful when executing smart contracts on the mainnet. As more people deploy meme coins or launch DeFi dapps, the mainnet’s “fuel” demand also increases. Rising resource needs push Tron energy to fresh levels.

By how Tron is designed, more energy is needed during periods of high demand to prevent gas fees from spiking in case transactions are congested.  That energy has been rising in the past few months is not surprising. Not only does Tron boast of a thriving DeFi ecosystem, but it also has a vibrant meme coin scene.

Ecosystem Boom Driven By Meme Coins: TRX Priming For New All-Time Highs?

DeFiLlama shows that all Tron DeFi dapps manage over $7 billion of assets. On the other hand, the recent launch of SunPump, a meme coin launchpad in August, has seen over 91,000 meme coins deploy on the network. Looking at Dune, over 1,700 tokens have been listed on Sunswap.

Tron TVL | Source: DeFiLlama

Coincidentally, the spike came with the activation of SunPump in August. As of October 24, SunPump has helped Tron generate over $5.4 million in revenue, looking at Dune data. Others came from smart contract deployments via gaming, DeFi, and other diverse dapps on the platform.

TRX price moving upward on the daily chart | Source: TRXUSDT on Binance, TradingView

TRX is trading at around October 2024 highs at press time, defying gravity. Interestingly, despite the momentum challenges Ethereum faces, TRX, on the other hand, is less than 4% away from all-time highs. If bulls build on October 24 gains, the coin may easily break August highs, printing a new all-time high in Q4 2024.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Crash: Crypto Analyst Reveals What Would Reject Current Bearish Hypothesis

Since Bitcoin failed to hold above the $100,000 psychological barrier earlier this year, its bullish momentum has gradually unraveled The pullback has deepened over the past two months, with Bitcoin

China Will Strike Back: Scaramucci Predicts Currency War, IP Theft, Treasury Sell-off

Skybridge’s founder warns China is preparing fierce economic retaliation as the US slaps 125% tariffs on Chinese goods, signaling currency shocks, massive stimulus, and financial warfare

Magic Eden acquires Slingshot to expand into on-chain trading, diversify beyond NFTs

Magic Eden is acquiring crypto trading app Slingshot to expand beyond NFTs and challenge centralized exchanges (CEX) with a fully on-chain trading experience, according to an April 9 press release

From Red to Rocket Fuel: Crypto Market Valuation Climbs Post-Turbulence

The digital asset sphere experienced a vigorous upswing Wednesday, its total valuation swelling over 9% as bitcoin surpassed the $83,000 benchmark during afternoon trading While the leading

XRP ETF Launch Impresses Even In Bear Market, Says Analyst

Teucrium’s newly launched 2x XRP ETF on the New York Stocks Exchange recorded $543 million in turnover during its first day of trading on April 8, despite XRP prices hitting a five-month low

Selling Bitcoin To Cover Debt? Michael Saylor’s Strategy Flashes Warning

Strategy, the software company led by Michael Saylor, might need to sell some of its massive Bitcoin holdings to pay its bills The company revealed this possibility in a regulatory filing on April 7,