On Saturday, Sep. 21, Tron price remained stable as most SunPump tokens experienced a decline.
Tron (TRX) increased to $0.1520, slightly above this week’s low of $0.1467, which is 11% lower than its peak this year.
Decline of SunPump tokens
According to data from CoinGecko, a majority of SunPump meme coins have lost value in recent days.
- Sundog (SUNDOG), the leading coin in its ecosystem, has fallen by 11.1% over the past week to $0.30, resulting in a market capitalization of $305 million.
- Tron Bull has decreased by 8%
- Muncat has dropped by 35%
- SunWukong has seen a decline of 10%
- Suncat tokens have fallen by 37% during the same period.
In total, the market cap for all meme coins within Tron’s ecosystem has decreased from over $560 million to $514 million.
This downturn has negatively impacted Tron’s DEX volume, which fell by 10% over the last week to $453.6 million. In contrast, other chains like Solana (SOL), Binance Chain, and Sui have experienced DEX volume increases of 11%, 22%, and 70% respectively during this timeframe.
On a brighter note, the number of transactions within Tron has surged, according to Nansen. These transactions exceeded 8.2 million on Saturday, marking its highest level since Aug. 27 and significantly higher than this month’s low of 6.14 million.
Tron continues to be one of the most lucrative networks in the cryptocurrency space.
As per data from TokenTerminal, its network fees this year have surpassed $1.2 billion, making it second only to Ethereum’s $1.86 billion.
SunPump tokens have generated over $44.8 million in fees since their launch.
Additionally, Tron’s staking yield has rebounded to 4.97%, surpassing last month’s low of 4.35%. This recovery coincided with an increase in Tron burn volume and gas fees throughout the month.
Positive technical indicators for Tron
From a technical standpoint, Tron exhibits some promising signs. It formed a double-bottom pattern at $0.1466 between August and September, which is just above the critical support level at $0.1455, marking its highest swing in February of this year.
Tron has also managed to remain above the 50-day moving average, and the Relative Strength Index has moved beyond 50, indicating potential for continued price growth as bullish traders aim for the year-to-date high of $0.1690.
