Bitrabo Editorial
At the moment, TRX, the official cryptocurrency of the Tron network, is holding steady, remaining close to its all-time highs. Following a significant surge in the third quarter of 204, the positive trend is continuing, with investors optimistic about potential future gains.
Tron Achieves Nearly $100 Billion in On-Chain Transactions
This optimistic outlook can be attributed to an increase in on-chain activities coupled with evolving sentiments in the crypto market following recent changes to the United States’ monetary policy.
Data from IntoTheBlock indicates that the Tron network recorded close to $100 billion in on-chain transaction volume over the past week. The rise in this volume reflects a boost in on-chain activities.
With around $98 billion processed in trades in just one week, most of the on-chain traffic consisted of Tether (USDT) transfers, with Tron managing upwards of $61 billion of USDT, as reported by TronScan.
Remarkably, over half of all USDT transfers originate from Tron, which is favored for its lower costs and scalability compared to Ethereum. Even with new solutions from Ethereum’s layer-2, USDT on Tron remains the preferred choice.
According to additional insights from IntoTheBlock, TRX transfers accounted for 2.6% of the overall on-chain volume last week. Other notable TRC-20 tokens in the top five include SUN, BitTorrent, and JUST, which are key tokens supporting prominent DeFi protocols on the Tron network.
Could Meme Coin Trend Boost TRX Prices?
Interestingly, the recent rise in meme coin activity, particularly after the launch of SunPump in mid-August, has not led any of these tokens into the top five rankings. On August 13, Justin Sun, co-founder of Tron, initiated SunPump, igniting a wave of interest in meme coins.
Data from Dune Analytics indicates that SunPump has generated over $5.3 million in revenue, with more than 86,400 meme coins launched through the platform. Currently, over 1,640 tokens have made their debut on Sunswap, according to the report.
While the excitement around meme coins has subsided somewhat, TRX and SunDog, a prominent meme coin from SunPump, are seeing gains. As of September 26, SunDog has surged more than 720% since its lowest point in August 2024, according to Coingecko.
According to the chart, TRX is currently around 10% below its all-time highs. Despite the recent downturn, the overall trend remains positive. A breakthrough above $0.15, evident in the daily chart’s bull flag, could propel TRX to surpass the highs of August 2024.