Tron is making headlines in the crypto world with impressive growth over the past ten months. Its new memecoin platform, SunPump, has launched over 90,823 tokens, leading to a remarkable 487% increase in activity. This surge has pushed Tron’s quarterly revenue to a record-breaking $151.2 million, marking a 30% jump from the previous quarter.
With Tron’s strong performance, many are wondering if this momentum will drive the price of Tron’s native token (TRX) higher.
In August, the launch of SunPump attracted many meme coin creators and traders, significantly increasing platform fees. These fees add to the usual earnings from token and USDT transfers, creating a profitable environment for users.
A Surge in Token Launches
Data from Dune shows that since early August, over 90,800 meme coins have been launched on Tron through SunPump. The excitement peaked on August 20, when more than 7,500 tokens were released in a single day, highlighting SunPump’s crucial role in Tron’s growth.
While token launches slowed in September, Tron’s growth remained strong. This led to the burning of over 270 million TRX tokens, worth $42 million, which made up 27% of the quarter’s revenue. Consequently, Tron’s quarterly revenue reached $151.2 million in the third quarter, reflecting nearly a 30% increase from the prior quarter.
Among the many tokens launched, SunDog (SUNDOG) quickly became the largest memecoin, reaching a market cap of $217 million. This success significantly contributed to a 24% increase in Tron’s overall market cap, which ended the third quarter at $13.5 billion.
In addition to the surge in token launches, Tron’s blockchain recorded an impressive average of 7.2 million daily transactions. Although the total value locked (TVL) in DeFi slightly decreased to $6.98 billion, Tron continues to attract considerable interest from investors and developers alike.
As the Tron blockchain reaches new heights, many investors believe that the price of Tron coin could surge back to its previous all-time high of $0.30.
Currently, the TRX price has broken above a rising wedge pattern, facing immediate resistance at $0.172. If Tron can break above this level, it may pave the way for higher targets around $0.21 & $0.30. As of now, Tron is trading around $0.16, reflecting a slight drop over the last 24 hours.
On the other hand, if the price of Tron falls below $0.172, it could signal market weakness. In that case, the asset may find support at lower levels around $0.1540, $0.1500, and $0.1470.
What do you think? Will Tron’s momentum lead TRX to new heights, or are we in for a bumpy ride?
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