TRX, the native token of the Tron network, is stable at the moment and hovering around its all-time highs. Following the surge in Q3 2024, the upward trend persists, and investors are optimistic about potential gains in the near future.
Tron Achieves Nearly $100 Billion In On-Chain Volume
This positive outlook is partly attributed to increasing on-chain activity and shifts in crypto market sentiment following adjustments to the monetary policy in the United States.
Based on IntoTheBlock data, the Tron network recorded nearly $100 billion in on-chain volume over the past week. The surge in on-chain volume, as noted by the analytics platform, is the result of heightened on-chain activity.
With the blockchain processing over $98 billion in trading volume within a week, IntoTheBlock’s data indicates that Tether (USDT) transfers were predominant. Per TronScan, Tron handles more than $61 billion of USDT.
Remarkably, over 50% of all USDT transfers are executed on Tron, which is generally cheaper and more scalable than Ethereum. Even with the emergence of Ethereum layer-2 solutions, USDT on Tron remains dominant and widely preferred.
Further analysis from IntoTheBlock indicates that TRX transfers follow closely, making up 2.6% of all on-chain volume in the last week. Other notable TRC-20 tokens include SUN, BitTorrent, and JUST, which are integral to some of the leading DeFi protocols on Tron.
Will Meme Coin Activity Propel TRX Higher?
Interestingly, despite the uptick in meme coin activity post the launch of SunPump in mid-August, none of these meme tokens have cracked the top five. On August 13, Justin Sun, co-founder of Tron, introduced SunPump, igniting a surge in meme coin enthusiasm.
According to Dune Analytics, data shows that SunPump has generated upwards of $5.3 million in revenue, with over 86,400 meme coins launched via the meme coin launchpad. Currently, more than 1,640 SunPump tokens are listed on Sunswap.
Though the meme coin excitement may have cooled, TRX and SunDog–one of the leading meme coins from SunPump–have seen substantial growth. As of September 26, SunDog is holding strong, boasting an increase of over 720% from its lows in August 2024, as stated by Coingecko.
From the chart, TRX is approximately 10% down from its all-time highs. Despite a contraction over the past few trading weeks, the upward trend continues. A breakout above $0.15, as illustrated by the bull flag on the daily chart, could generate the momentum needed for a push beyond the highs of August 2024.
Feature image from Canva, chart from TradingView
