TRX: Tron Network’s Native Currency Holds Steady Amidst Market Trends
TRX, the native cryptocurrency of the Tron network, is currently holding its ground and trending near all-time highs. Following its explosive growth in Q3 2024, the uptrend continues, inspiring confidence among investors that further gains are on the horizon.
Tron Network Achieves Nearly $100 Billion in On-Chain Volume
A significant factor contributing to this optimism is the increasing on-chain activity and evolving sentiment in the cryptocurrency market, partly influenced by recent changes in the United States monetary policy.
According to data from IntoTheBlock, the Tron network settled nearly $100 billion in on-chain volume over the past week. This surge is attributed to rising on-chain activity. The blockchain processed over $98 billion in trading volume within seven days, with Tether (USDT) transfers playing a dominant role. TronScan reports that Tron manages over $61 billion of USDT transactions.
Notably, Tron is responsible for initiating more than 50% of all USDT transfers, attributed to its cost-effectiveness and scalability compared to Ethereum. Despite the emergence of Ethereum layer-2 solutions, USDT on Tron remains the preferred choice.
Further insights from IntoTheBlock reveal that TRX transfers accounted for 2.6% of the total on-chain volume during the last week. Other prominent TRC-20 tokens in the top five include SUN, BitTorrent, and JUST, which are integral to some of the leading DeFi protocols on Tron.
Meme Coin Activity and Its Potential Impact on TRX
Interestingly, meme coin activity has been gaining traction since the launch of SunPump in mid-August, although none of these tokens have made it to the top five. On August 13, Justin Sun, co-founder of Tron, introduced SunPump, igniting a meme coin frenzy.
Data from Dune Analytics reveals that SunPump has generated over $5.3 million in revenue, with more than 86,400 meme coins launched via the meme coin launchpad. Currently, over 1,640 SunPump tokens are listed on Sunswap.
While the initial hype around meme coins has subsided, TRX and SunDog—a leading meme coin from SunPump—have seen positive impacts. As of September 26, SunDog has surged by over 720% from its August 2024 lows, according to Coingecko.
Future Prospects for TRX
Despite a recent contraction, TRX remains approximately 10% below its all-time highs. The uptrend is still intact, and a break above the $0.15 mark, along with the formation of a bull flag visible on the daily chart, could potentially drive the cryptocurrency above its August 2024 highs.
In conclusion, the Tron network’s robust on-chain activity and the growing popularity of meme coins like SunDog are contributing to the positive sentiment around TRX. Investors and traders remain optimistic about the future prospects of this dynamic cryptocurrency.
