The Tron ecosystem has seen major craze and attention from both developers and crypto investors over the past week. This is a result of the recently launched SunPump memecoin platform on the Tron blockchain, a Defi platform dedicated to the launching and trading of meme coins. The frenzy ignited congestion and an increase in transaction fees.

To tackle this, the Tron development team worked on increasing Tron’s energy cap which will help bring about seamless transactions and operations on the Tron network. Consequently, the energy cap has been successfully raised to 120 billion as announced by Justin Sun. Moreover, TRX has now surged by over 5% in the last 24 hours, unseating Toncoin (TON) for the #9 spot on the global crypto market chart.

Tron Increases Energy Cap

In a recent tweet Justin Sun, the founder of the Tron network, announced that Proposal No. 92 of the Tron community is now in effect which would raise the energy cap to 120 billion. According to Sun, this initiative will help to boost the number of transactions on the Tron ecosystem including TRX staking. Also, it will help to keep transaction fees in check by lowering gas fees and increasing the overall network activity.

Proposal No. 92 of the TRON community is now in effect, raising the energy cap to 120 billion. This means more transactions for TRX stakers, lower Gas Fees, and increased network activity. I’m impressed by the TRON community’s execution. https://t.co/RbwJvQ75Ds

— H.E. Justin Sun ć­™ćź‡æ™š(hiring) (@justinsuntron) August 25, 2024

Notably, Sun closed his tweet with an appreciation directed toward the Tron community. He praised its members for successfully executing the proposal. The quick response to executing the proposal underscores the dedication and efforts of its development team to bring a stable and efficient network to its users.

Sun explained in a previous tweet that lowering the gas fees and increasing the energy cap won’t affect Tron’s profitability. He explained that the fee cut could help increase daily transactions to 20 million in the next three months. This would help to increase its market share and raise its profits. If this happens, Sun added that Tron’s total revenue could reach $3 billion in the next 12 months. Notably, $1 billion from this would be burned and the remaining $2 billion would be used as transaction subsidies to reward stakers.

The surge in network activities came after the introduction of the SunPump platform. Meme coins like SUNDOG skyrocketed in value after it surged 100x following its launch. Crypto analysts have projected that SUNDOG could be the first meme coin on the SunPump ecosystem to reach the $1 billion market valuation.

TRX Overtakes Toncoin (TON) For Number 9 Spot

Meanwhile, the price of TRX, the native coin of the Tron ecosystem has reacted smoothly to the recent surge in network activity. In the last seven days, the coin has seen an increase of 22.75% and a jump in its market capitalization that propelled it to the 9th position on the crypto market cap list. At the time of writing, TRX traded at $0.1659, indicating a 3.48% increase in the last 24 hours.

Source: CoinMarketCap

Following this surge, the price of TRX is now targeting its all-time high of $0.2317 reached on January 5, 2018. Analysts have predicted that the coin still has the potential to surge into a price discovery zone, largely driven by demand and supply.

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