Tron has established itself as a leading player among the top 10 cryptocurrencies, with notable growth observed over the past ten months. The smart contracts platform is a dominant force in USDT transfers and is also expanding its presence in the meme coin sector, capturing market shares from Solana.
Tron Revenue Increased by 170% Year-Over-Year
Recent statistics indicate that Tron’s resurgence and its leadership in USDT transfers—surpassing even Ethereum and its extensive ecosystem—have driven a remarkable revenue increase of 170% over the past year.
As per Lookonchain, the network’s revenue reached $7.28 million by mid-October, up from $2.69 million recorded during the same period last year.
Similar to Ethereum and other public blockchains, Tron depends on 27 Super Validators to process transactions and maintain network security. Each transaction or smart contract deployment incurs a gas fee.
According to IntoTheBlock, the average transaction fee on Tron is approximately $0.21. The low transaction fees and enhanced scalability are key reasons why Tron attracts USDT holders, who are primarily using the platform for remittances rather than trading or minting meme coins.
Meme Coin Activity and SunPump Fuelling Revenue: Can TRX Continue Its Upward Trend?
In August, the launch of SunPump, a dedicated meme coin launchpad, drew many meme coin creators and investors, which contributed to increased fees on the platform on top of those from traditional token and USDT transfers.
According to Dune, since the inception of SunPump in early August, over 90,800 meme coins have been launched on Tron. Following a peak in the third week of August, the activity surrounding meme coins has begun to decline throughout October, with only 16 new tokens created in the last 24 hours.
Additionally, SunPump has contributed over $5.4 million in revenue for Tron validators. This revenue, generated from transaction fees, peaked on August 21 when the meme coin launchpad earned upwards of $588,000.
The interest surrounding SunPump and the success of its inaugural meme coin, SunDog, have led to a surge in TRX prices, which reached over $0.16 by August 25.
However, as meme coin activity has decreased and SunPump revenue declines, TRX has started to retreat. Currently, the local support level stands at $0.15. Nevertheless, if bulls manage to push prices above $0.17, TRX could easily surge to establish new all-time highs.
Feature image from Canva, chart from TradingView
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