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TRON Hits New ATH: 81% Surge in TRX Price, Sparks Investor Frenzy

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  • TRON’s TRX token reached a seven-year high of $0.43, rising 81% to a market cap over $35.1 billion.
  • Market shifts direct funds from Bitcoin and Ethereum to established projects like TRON.
  • Meme coins on TRX Network thrive; FoFar token surged 240% in just 24 hours, showcasing heightened interest.

In a breath-taking surge, TRON’s TRX token has reached the illustrious price of $0.43, marking its highest level in seven years. On Tuesday, TRX experienced an astounding 81% price increase, pushing its market capitalization beyond $35.1 billion, according to CoinGecko. This explosive rally signals a notable shift in the cryptocurrency market dynamics, attracting the attention of investors and analysts alike.

As TRX’s ascendance unfolds, it appears to be part of a broader trend. Other cryptocurrencies such as XRP and Hedera (HBAR) are similarly experiencing bullish activity, buoyed by speculation surrounding changing regulatory frameworks in the United States. In stark contrast, market titans like Bitcoin and Ethereum have shown little movement. Funds are flowing away from these leading cryptocurrencies and meme coins towards established projects like TRX, which have seen substantial depreciation from their all-time highs.

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Source

TRON Attracts Capital Amidst Market Confidence Surge

Pat Zhang, head of WOO X Research, notes, “Most older projects are fully circulated and have dropped over 90% from their peaks, allowing small amounts of capital to boost prices and attract market liquidity significantly.” This influx of capital into TRON reflects growing confidence among investors spurred by speculations, notably concerning TRX’s potential inclusion in Grayscale’s investment asset portfolio. Grayscale has already identified TRX among its 35 tokens under review, instilling a sense of institutional credibility.

TRON’s founder, Justin Sun, plays a pivotal role in this narrative. His recent $30 million acquisition of WLFI tokens associated with the Trump family, along with his active engagement in the community—like the conceptual artwork “Comedian”—helps draw attention to TRON and its ecosystem. This engagement has reportedly invigorated related tokens, further enhancing market interest.

While other meme coins span a downward trajectory, those on the TRON blockchain stand out. The FoFar (FOFAR) token, for instance, skyrocketed 240% within 24 hours, revealing the market’s growing appetite for TRON-based assets. The overall sentiment is ripe for continued growth as the crypto landscape evolves.

TRON Breaks into Top 10 with Impressive 24% Market Cap Growth in Q3

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Key Takeaways:

  • TRX’s market cap increased by 24% in Q3 2024, reaching $13.5 billion.
  • TRON’s revenue hit an all-time high of $151.2 million, boosted by SunPump’s memecoin activity.
  • TRX’s circulating supply continued to decrease, maintaining its deflationary nature with an annualized inflation rate of -2.7%.

TRON (TRX) showcased impressive growth in Q3 2024, marking its seventh consecutive quarter of increased market capitalization. According to Messari’s Q3 2024 report, TRX’s circulating market cap rose by 24%, jumping from $10.9 billion to $13.5 billion.

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Source: Messari

This was quite an achievement, as the rise catapulted TRX up to the 9th position in overall cryptocurrency market rankings and saw it beating many other large-cap tokens. This price also trickled further down into its TRX/BTC pair, which showed a growth of 24% during the quarter.

Revenue Growth Driven by SunPump

Revenue generated by transactions on TRON reached new heights in Q3 and jumped 29% quarter-over-quarter to $151.2 million, largely attributed to the popularity of SunPump, a platform dedicated to launching memecoins. Meanwhile, SunPump sourced much transaction activity into mid-August, burning upwards of 270 million TRX-valued at approximately $42 million.

The impacts were prominent on SunPump, where the August 21st TRX burn was the largest single-day burn of TRX in the history of TRON. Being a deflationary token, every transaction fee paid in TRX, among other cryptocurrencies, is burned and directly reduces supply to shore up its value.

TRON Deflation Accelerates in Q3 with -2.7% Annual Inflation

TRON’s circulating supply saw a deflationary momentum in Q3, sliding from 87.20 billion TRX at the start of the three months to 86.62 billion TRX. This follows through as the network’s daily TRX burn consistently outpaced the minting rate. The annualized inflation rate thus came in at -2.7%, down from -2.4% in the prior quarter.

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Source: Messari

By balancing the amount of TRX burned with that newly minted, TRON’s supply decreases over time, giving long-term deflationary benefits to token holders. Moreover, the actual yield for staking on TRON is up 13% QoQ, further encouraging network participation.

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Source: Messari

Nevertheless, this more-than-doubled market capitalization, coupled with the revenue increase and continuous supply reduction, sets a bright outlook for TRX in the future.

Related Reading | XRP Nears Key Resistance Levels With Potential For Major Price Breakout

TRON Ranks as the Fastest Blockchain, Dominated by Stablecoins

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  • TRON leads in blockchain transaction speed, consistently processing 85 TPS.
  • Over 96% of TRON’s transactions are linked to stablecoins.
  • TRX has outperformed Bitcoin and altcoins, consolidating around $0.144, with bullish targets ahead.

TRON became the fastest blockchain in Transactions Per Second, according to CryptoQuant’s latest data. On-chain data visualization is showing the superiority of TRON over the major blockchains of Bitcoin, Ethereum, and Polygon. TRON maintains 85 TPS, while Bitcoin processed at 7 TPS, Ethereum at 14 TPS, and Polygon at 30 TPS.

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Source: CryptoQuant

What differentiates TRON is its transactional reliability over time. The stability of the network has largely been driven by the growing use of stablecoins. Surprisingly, 96% of all transactions on the network are related to stablecoins, thereby proving to be useful in the rapidly changing world of cryptocurrency.

Stablecoins Drive TRON’s Performance

In fact, while Bitcoin and Ethereum have long been the subject of most discussions in blockchain conversations, stablecoins have discreetly become an important part of the ecosystem. This is evident through its market performance, such as the dominance in terms of transaction volume, because the TRX network is very often subjected to the most load in transactions, most of which are for transferring stablecoin.

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Source: CryptoQuant

The network’s performance indicates that stablecoins drive the utility of the network by providing price stability and liquidity. For many people, Stablecoin is even more revolutionary compared to Bitcoin because of its use in everyday transactional activity. That makes it one of the most practical blockchains for users seeking quick and stable transactions.

TRON Price Movement and Future Outlook

While the network has negotiated volumes of transaction successfully, this cryptocurrency has still aligned challenges with the bullish sentiment of the greater market. Having surged 22% in price in mid-August to break above its range, the TRX has pulled back since to consolidate around the $0.144 level. However, this short pullback aside, key indicators still pointed high for TRX.

Moreover, TRX’s RSI has managed to stay positive, and similarly, the On-Balance-Volume (OBV) still considerably outperforms previous highs set in May, reflecting strong buyers. Traders are monitoring liquidation levels of $0.152 and $0.158 while anticipating the probability of a bullish reversal at $0.16. Long-term holders retain some ambitious targets at $0.20 and $0.223.

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Source: Tradingview

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TRON Eyes NFT Domination After Meme Coin Success

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After its success in the meme coin ventures, TRON founder Justin Sun is now setting its sights on another frontier in the crypto space: Non-Fungible Tokens [NFTs]. As per Sun, it is the right time to launch a high-quality NFT project that can truly gauge the interest of both collectors and enthusiasts. The founder tagged the platform’s new meme coin launchpad, sunpepememe, and NFT partner, APENFT, hinting at upcoming NFT projects soon.

Sun’s latest interest in the digital collectibles sector is no mere coincidence. There is a noticeable uptick in the sales volumes of the Non-fungible token, showing a positive trend across several major blockchains. Data from NFT tracker CryptoSlam showed that Polygon [MATIC], Solana [SOL], Ethereum [ETH], and Mythos Chain posted significant gains, with Polygon in the lead with a 123.20% increase in 7-day sales.

Apart from a rebound in sales volume, the number of NFT buyers also increased last week, with more than 500,000 buyers. The surging number of buyers comprises roughly a 40% increase compared to the previous week. Besides, NFT collections like Bored Apes and CryptoPunks have seen significant price increases.

TRON’s Massive Profits Fuel NFT Dreams

Moreover, TRON’s recent financial performance has further fueled Sun’s ambitions. As reported by TronWeekly, the platform’s quarterly revenue in Q2 of 2024 increased to a staggering $117.5 million, securing its position as the third-highest-earning smart contract platform. This impressive financial health underscores TRON’s growing influence and potential for expansion.

While the exact details of TRON’s NFT project remain under wraps, Sun has hinted that it will aim to address some of the shortcomings of existing NFT platforms. This could include improved scalability, lower transaction fees, and enhanced user experience. If successful, TRON’s NFT project could become a game-changer in the space, potentially attracting new investors and driving further growth for the platform. Furthermore, the launch of a native NFT project would align with TRON’s broader strategy of diversifying its offerings and attracting a wider range of users.

TRON’s Next Big Move: A Billion-Dollar Bet

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Justin Sun-led TRON is making waves in the blockchain space, as indicated by its booming profits. The recent Messari report highlighted that the platform’s quarterly revenue in Q2 of 2024 reached a substantial $117.5 million, ranking third among all smart contract platforms.

The report has caught the attention of TRON’s founder, Justin Sun. In a statement, Sun expressed optimism about the platform’s future, predicting that it could reach a revenue milestone of $1 billion within the next year. He attributed this confidence to the consistent burn revenue implemented by TRON, which has averaged around $3.88 million per day in recent times.

To achieve this ambitious goal, the TRX network would need to increase its revenue by approximately 2x. While this might seem challenging, Sun believes it is entirely feasible given the platform’s current trajectory.

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TRON's Next Big Move: A Billion-Dollar Bet 9

The report from Messari further highlights TRON’s financial health, noting that its annualized revenue in Q2 2024 reached $470 million. This substantial figure underscores the platform’s growing popularity and its potential for continued success.

Conservatively, in the next 12 months, TRON’s total revenue could hit $3 billion, with $1 billion burned and $2 billion given as rewards to stakers and for transaction subsidies. If the meme strategy succeeds, it could reach $4 billion.

TRON vs. Solana: Meme Coin War Heats Up

The Tron ecosystem is making rapid strides after its foray into the meme coin arena. Recently, it launched a new platform called SunPump rivaling Solana’s Pump.com. In just weeks, SunPump generated over $1.1 million in revenue, fueling a memecoin frenzy on the TRX network. 

Among all the TRX meme coins, the SUNWUKONG token skyrocketed by 20,462% in a single day, highlighting meme coin potential.

Despote critics questioning the long-term feasibility of these asset classes, Sun underscored the importance of community engagement and fair launches in building user loyalty and in driving growth. According to him, community-driven meme coins are a better alternative than venture capitalist-backed projects with inflated valuations.

As TRON continues to expand its reach and attract new users, it remains to be seen whether it can achieve Sun’s ambitious revenue target. However, the platform’s strong financial performance and positive outlook suggest that it is well-positioned for future growth.

TRON Shines in Q2 2024: USDT Hits $57.1B ATH, TRX Climbs to Top 10

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In the second quarter of 2024, TRON’s network saw significant growth and notable achievements, underscoring its expanding role in the cryptocurrency space. The standout figure was the market capitalization of USDT on TRON, which reached an all-time high of $57.1 billion. This milestone highlights the increasing trust and usage of TRON’s network for stablecoin transactions.

According to the Messari State of TRON Q2 2024 report, TRX also experienced substantial gains. TRX’s circulating market cap rose for the sixth consecutive quarter, ending Q2 at $10.9 billion, a modest 1% increase from the previous quarter. This steady growth has positioned TRX more favorably in the cryptocurrency rankings, moving up from the 14th to the 10th spot among large-cap tokens, excluding stablecoins. Year-to-date, TRX’s market cap has surged by 14%.

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Source: Messari

TRX’s price appreciation is partly attributed to its deflationary nature. The token burn mechanism, where TRX used for transaction fees is permanently removed from circulation, exerts upward pressure on the token’s value. In Q2 alone, the circulating supply of TRX decreased from 88.2 billion to 87.7 billion, translating to an annualized deflation rate of -2.4%.

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Source: Messari

Surge in Onchain Activity on TRON

TRON’s transaction model is unique, utilizing a resource system where stakers acquire Bandwidth and Energy to execute transactions. This system allows stakers to perform transactions and execute smart contracts without direct costs, provided they have sufficient resources. If users exceed their allocated resources, they must pay fees in TRX, which are subsequently burned, contributing to the network’s deflationary dynamics.

Despite setting a record for USD revenue in Q1 2024, TRON saw a slight dip in Q2. USD revenue decreased by 8% to $117.5 million, while revenue in TRX fell by 5% to 1 billion. Nevertheless, TRON maintained its position as the third-highest revenue-generating smart contract platform, trailing only Ethereum and Solana.

On the usage front, TRON experienced a surge in on-chain activity. Average daily transactions increased by 29% from the previous quarter, reaching 6.3 million. Active daily addresses grew by 31% to 2 million, and new addresses saw a 12% rise, indicating sustained user growth and engagement. Wallet transfers and stablecoin transactions continued to dominate, comprising over 78% of all transactions.

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Source: Messari

However, TRON’s Q2 performance demonstrates strong growth and strategic advancements, reinforcing its place among leading blockchain platforms. In the upcoming quarters, this trend is likely to be sustained due to the network’s ongoing changes and customer involvement.

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TRON Adoption Soar By 52% YTD

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TRON network has registered a surge in network activity as the daily active addresses count is up 52% year-to-date. Per data from IntoTheBlock, the current daily average stands at over 2.42 million addresses, compared to 1.59 million on January 1st. This significant growth highlights the increasing adoption and utilization of the TRX blockchain.

It also demonstrates the network’s ability to handle a large number of transactions efficiently and its low cost has been a key factor driving its popularity. While the exact reasons behind this surge can be multifaceted, several factors likely contribute to the trend. The thriving DeFi ecosystem on TRON, coupled with the network’s support for stablecoins and its role in the global payments landscape, have attracted a growing user base.

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Image credit: @Chching

TRX comes with a market cap of $11 billion, 100% of the total supply in circulation, and an average of 6,000,000 TRX tokens burned daily.

TRON’s founder, Justin Sun, has consistently highlighted the network’s commitment to scalability and user experience. The recent developments, including the launch of new dApps and partnerships, have further bolstered TRON’s position as a leading blockchain platform.

TRON’s Zero-Fee Transfers: Stablecoin Revolution Arrives Q4

As reported by TronWeekly, the blockchain’s latest innovative feature will allow gas-free stablecoin transfers and is scheduled to launch in the fourth quarter of this year, per Sun. With zero fiat fees, users would be able to transfer stablecoins in a seamless and hassle-free manner. The fees will be deducted directly from the stablecoins being transferred, similar to how trading fees are managed on centralized exchanges [CEX].

This launch is part of Tron’s broader strategy to improve user experience and drive adoption of its blockchain ecosystem. The gas-free transfer feature will first be rolled out on the TRX blockchain before expanding to Ethereum and all EVM-compatible public chains.

That being said, as the number of active addresses continues to rise, it is evident that TRON is gaining traction among both individual users and businesses. This positive momentum would likely fuel further growth and development within the TRX ecosystem.

TRON Leads the Stablecoin Race: TRC20-USDT Hits $60B

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The Tron blockchain has set a new milestone by becoming the first blockchain to have a single stablecoin surpassing $60 billion in issuance. According to data from TRONSCAN, the issuance of TRC20-USDT has reached a new record, with 60.849 billion tokens issued. As of now, the number of accounts holding TRC20-USDT has reached 47.3 million, with the total number of transactions exceeding 1.858 billion.

The issuance of TRON USDT has exceeded $60 billion, which is a significant milestone. We have also become the first blockchain with a single stablecoin surpassing $60 billion.

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TRON Leads the Stablecoin Race: TRC20-USDT Hits $60B 15

Diving deep into the tokenomics reveals that the total market value of TRC20-USDT has hit $60.85 billion. A day before that, trading on the TRON blockchain reached 1.858 billion, with a transaction count of 2.341 million. The total number of accounts on the TRX blockchain has reached 87.91 million. The circulation of USDT has reached 60.82 billion, with yesterday’s circulation reaching 2.44 million.

The blockchain’s official website states that USDT is the official stablecoin of TRON. The issuer of USDT is Tether Limited, a Hong Kong-based company. The USDT contract address is THPUhoh2QZYTHCZMLH15Sh, and the issuance time was 2019-04-18 at 12:41:20 [UTC].

TRON Soar Amidst Market Turmoil

In a recent analysis of CryptoQuant, it was found that TRX has been able to hold on to its user base due to the variety of services it provides. This development is crucial amidst a broader market downturn. The network’s resilience is attributed to the various use cases it offers to users such as payment, stablecoins, and real-world assets integration. As reported by TronWeekly, these features draw users and help to retain them even in times of other networks’ crises in user engagement.

Trondao has exhibited a resilient user base as active users have grown since the start of the year and maintained near-all-time high levels despite market uncertainty and sell pressure across the broader crypto market. I argue that the unique applications across the TRX ecosystem such as payments, stablecoins, and real-world assets have allowed the network to retain and grow its user base as other networks have struggled to find their footing.

$13M TRX Outflow Hints at Big Moves

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A whopping $13.1 million worth of TRX [Tron] was withdrawn from exchanges yesterday, marking the largest single-day withdrawal in over a month. According to IntoTheBlock data, the sharp spike in withdrawals signals potential accumulation as traders and investors pull their holdings from exchange platforms to personal wallets or cold storage. These movements are a precursor for future price increases or could mean strategic investment moves.

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Source: InToTheBlock

In the chart above, the blue line represents the aggregated exchange balance of TRX, while the black line shows the aggregated exchange netflow. The recent spike in the Netflow line indicates a substantial outflow, correlating with the withdrawal of $13.1 million worth of TRX.

Most importantly, this significant transaction indicates heightened activity and interest in TRX. While the token’s withdrawal pattern has shown fluctuations in the past month, the recent uptick has attracted attention, suggesting a strategic shift in the behavior of TRX holders.

Despite volatile market conditions, the withdrawal demonstrates growing confidence in TRX’s long-term value or a strategic move to safeguard assets from market uncertainties. The move comes amidst a significant upgrade announcement in the Tron blockchain.

TRX Blockchain to Introduce Gas-Free Stablecoin Transfers

The Tron blockchain’s latest innovative feature will allow gas-free stablecoin transfers and is scheduled to launch in Q4 of this year, per founder Justin Sun. With zero fiat fees, users would be able to transfer stablecoins in a seamless and hassle-free manner. The fees will be deducted directly from the stablecoins being transferred, similar to how trading fees are managed on centralized exchanges [CEX].

This launch is part of Tron’s broader strategy to improve user experience and drive adoption of its blockchain ecosystem. The gas-free transfer feature will first be rolled out on the Tron blockchain before expanding to Ethereum and all EVM-compatible public chains.

When I told you that the next bull run was a battle of the blockchains, I wasn’t kidding. Even the @trondao blockchain ( $TRX) is gearing up to launch an improvement that allows gas-free stablecoin transfer. So it’ll work similarly to how trading on a CEX works where the fees will be deducted from the stablecoin you’re transferring. This feature will first be released on the Tron blockchain before expanding to Ethereum and all EVM-compatible public chains.

Bullish Breakout Anticipated for TRON (TRX), Analyst Sets Targets at $0.17690 and $0.22135

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TRON (TRX) has emerged as a beacon of resilience and growth, catching the attention of analysts and investors alike. Despite the broader cryptocurrency market’s struggle to maintain stability, TRX has demonstrated remarkable fortitude, recording a 6% gain over the past week and an impressive 11% increase over the last 30 days.

This surge in TRON’s value comes at a pivotal moment in the cryptocurrency space. The impending launch of the Ethereum ETF is expected to propel altcoin prices to new heights, reminiscent of the bullish momentum triggered by previous Bitcoin ETF launches. This event could catalyze much-needed optimism and drive further price appreciation across the altcoin market.

As of the latest data, TRON (TRX) is trading at $0.122676, with a substantial 24-hour trading volume of $631.50 million and a market capitalization of $11.33 billion. Despite a minor 0.81% decrease in the last 24 hours, TRON’s overall performance remains robust, highlighting its potential for continued growth in the coming weeks.

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Bullish Breakout Anticipated for TRON (TRX), Analyst Sets Targets at $0.17690 and $0.22135 19

The current market dynamics suggest that TRON is well-positioned to capitalize on the positive sentiment and market developments. Investors are closely monitoring the situation, anticipating that TRX could be among the primary beneficiaries of the upcoming Ethereum ETF launch, which could herald a new era of growth for altcoins.

Analyst Eyes $0.22135 Peak For TRON (TRX)

In a recent analysis, renowned crypto analyst Alex Clay shared an optimistic forecast for TRON (TRX) and its price movement against USDT. Clay’s insights suggest a strong bullish trend for TRX, marked by several key indicators.

Firstly, Clay points out the formation of a bullish pennant above the middle resistance zone, a pattern often seen as a precursor to upward price movements. TRX has also consistently formed higher lows, reinforcing the bullish sentiment. The 50-day Exponential Moving Average (EMA 50) support further strengthens the case for a potential breakout.

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Clay is anticipating a breakout that could propel TRX to new heights. He has identified two key price targets for this upward movement. The first target is set at $0.17690, and the second, more ambitious target, is $0.22135.

This analysis reflects Clay’s confidence in TRX’s ability to continue its upward trajectory, driven by strong technical indicators and market momentum. Investors and traders in the crypto space will be keenly watching TRX for potential gains based on this bullish outlook.

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