TRON has emerged as the top public blockchain platform in daily revenue, recording $3.84 million in a 24-hour period.
This performance surpasses Ethereum’s $1.12 million and Solana’s $545,000, according to data from DefiLlama. The surge in TRON’s revenue has drawn attention to its rapidly growing ecosystem, particularly its recent memecoin activity.
SunPump, a platform for making and launching memecoins, is behind the spike in daily earnings on the TRON blockchain. On August 21st, 2024, TRON hit an all-time high of $5.33 million in daily revenue, according to founder Justin Sun. This puts it ahead of Ethereum and Solana among other major blockchains.
Yesterday, TRON's revenue reached an all-time high of $5.33 million, ranking first among all blockchains. It's still early. Let's keep the momentum going.
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 22, 2024
This increase has been largely driven by SunPump, which brought in over 8.4 million TRX worth about $1.39 million. The platform’s best day ever was August 20th when it earned 2.78 million TRX or roughly $400k. With close to 25,200 tokens created on the SunPump platform due to the popularity of memecoins on TRON, this represents a significant chunk of the network’s overall income.
TRX Price Movement and Market Activity
Despite the surge in revenue, TRON’s native cryptocurrency, TRX, has experienced fluctuations in its price. After reaching a 40-month high of $0.165 on August 21, TRX saw a 5% decline, trading at $0.151 the following day. This drop occurred even as the global crypto market cap increased by 0.7%, reaching $2.23 trillion.
As of press time, the price of TRX stands at $0.1588, representing a 3.78% decline in the past 24 hours. However, TRX has seen a 20.46% increase over the past seven days. TRX’s market capitalization is currently valued at $13.8 billion, with a circulating supply of 87 billion TRX.
Justin Sun is considering several strategies to sustain and potentially increase TRON’s revenue growth. One of these strategies includes lowering transaction fees on the TRON blockchain, a move that could boost daily transactions to over 20 million within three months. Additionally, Sun is contemplating raising the blockchain’s energy cap, which could encourage more users to stake TRX, further enhancing network activity.
Sun has projected that the TRON blockchain could generate $3 billion to $4 billion in revenue over the next 12 months. Of this projected revenue, $1 billion would be burned, while $2 billion would be allocated to transaction subsidies and staking rewards. These initiatives are part of Sun’s broader plan to expand TRON’s market share and increase profits.
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.
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 21, 2024
Stablecoin Liquidity and Memecoin Ecosystem
One of TRON’s key advantages in the current market is its substantial stablecoin liquidity. TRON currently holds the second-largest stablecoin supply, with nearly $60 billion, accounting for 35% of the total market. Sun believes this liquidity gives TRON a significant edge in the memecoin market, suggesting that it could support the creation of multiple billion-dollar memecoins.
On other blockchains, a few hundred million in stablecoins can pop out billion-dollar meme coins. Tron’s got $60 billion+, so we could see dozens of billion-dollar meme coins. Sounds wild, but numbers don’t lie. Don’t fight the data. @sunpumpmeme
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 20, 2024
The memecoin trend on TRON has contributed to the network’s recent growth, but it has also sparked skepticism among some market observers. Concerns have been raised about the sustainability of the memecoin hype and the potential for market manipulation. Despite these concerns, TRON continues to see significant growth in its user base and transaction volume.
According to data from IntoTheBlock, 62% of TRX holders have held their investments for over a year, indicating a strong base of long-term supporters. Additionally, only 0.48% of TRX holders are currently at a loss, with the majority enjoying profits on their holdings.
The post TRON Surpasses Ethereum with $3.84M Daily Revenue Boost appeared first on Coinfomania.
