With a market dominance of 8.40%, Tron has secured its place as the second-largest blockchain after Ethereum, which holds a hefty 55.99% share. Over the past week, Tron’s value grew by 2.7%, accompanied by a notable rise in energy consumption. This increase in activity has drawn attention from the crypto community, especially as it aligns with the popularity of SunPump, a Tron-based platform launched in August. Many believe there is a link between SumPump’s success and Tron’s growth.
Let’s analyze further. Ready?
The 24-hour volume of Tron is $33,996,813, and its dominance is 8.40%. In the last 24 hours alone, the blockchain has recorded a positive change of +1.9%.
Energy Consumption Surges as Demand Rises
Tron’s energy consumption index, a measure of network activity, has surged considerably. On July 25, 2024, the index was at 89,489,849,184, and by August 21, it had climbed to 200,315,456,147. Yesterday, it reached a three-month high of 250,695,275,478, representing an increase of 180.13% over the last three months. In the past 30 days, daily energy consumption has averaged 184.73 billion.
This rising energy use suggests increased network demand, as Tron scales up to keep gas fees stable during peak times.
Another key indicator of Tron’s performance is its Total Value Locked (TVL), reflecting the total assets held in the network. Yesterday, the TVL was $15,835,598,969, down from $22,193,091,458 on July 25. This month, it has fluctuated between $15.63 billion and $19.38 billion, with a current TVL of $16.3 billion, indicating steady network support amid market shifts.
How SunPump Is Involved
SunPump—a platform that lets users create and trade Meme Coins—has grown swiftly since its August launch. Initially hosting just 2,035 tokens, the platform reached 25,054 tokens by August 21, and today it hosts 91,225 tokens. The top tokens on SunPump by market cap include SUNDOG, BULL, TBULL, CZC, SunJoker, IVfun, $Afro, PUSS, SUNWukong, and NitroSnail.
In the last 30 days, TRX has seen an increase of 10.3%. At the start of this month, the TRX price was $0.1535. The TRX monthly chart has formed a higher-high pattern this month. On October 3, the TRX price climbed to $0.1577. On October 12, it hit another peak of $0.1624. At present, it stands at $0.1659 – at least 2.15% higher than the previous peak. In the last seven days, the market has recorded a surge of 4.4%. Notably, at least a 1.8% increase has been registered in the last 24 hours alone.
With its fast-growing ecosystem, increasing user adoption, and efficient network structure, Tron is well-positioned for continued growth. Its recent successes suggest a promising future, as it keeps pace with Ethereum and draws new users to its blockchain network.
With all this momentum, is Tron set for even bigger gains? Share your opinion.
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