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Crypto analyst Miles Deutscher is buzzing about TRON, calling it the next big thing in the crypto world. Heâs pointing out how TRON is catching fire, with major growth and attention coming.
Letâs explore why TRON might be a jackpot for investors, especially with its growing meme coin ecosystem and other blockchain innovations.
3. On-chain volume is surging.TRON has hit 100m+ in volume consecutively over the past 2 days, marking a 7x increase in volume since the start of the year. pic.twitter.com/tvvG4MPzzt
â Miles Deutscher (@milesdeutscher) August 22, 2024
Understanding TRONâs Growing Influence
TRON, founded by the influential Justin Sun, has emerged as a major player in the blockchain world, especially for decentralized applications. It now holds the largest global circulating supply of stablecoins, totaling $60 billion, and has become the second-largest blockchain by total value locked (TVL), overtaking Solana. This growth underscores TRONâs rising significance in the crypto space, as it starts to rival other leading blockchains like Solana in terms of attention and transaction volume.
The Surge in Key Metrics: Tron to Flip Solana?
Deutscher points out that TRONâs recent performance metrics are highly promising. The blockchain has seen a sharp rise in fee generation, with $443 million collected over the past 90 days, making it the second-highest fee generator in the crypto market, only behind Tether.Â
On-chain volume has also surged, consistently hitting over $100 million in daily transactionsâa 7x increase since the beginning of the year. This uptick in activity suggests that TRON is on the brink of a significant breakout.
Moreover, it is close to overtaking Solana in terms of mindshare, which reflects its growing prominence and the flow of liquidity toward it.Â
Factors Driving TRON
One of the key drivers behind TRONâs recent growth is the emergence of a meme coin season, similar to what Solana experienced earlier this year. Miles Deutscher points out that this meme coin has rapidly gained popularity, driving TRONâs 24-hour revenue to an all-time high of $3.84 million as per LookonChain data.
After the launch of #SunPump, the 24-hour revenue on #TronNetwork hit a new all-time high of $3.84M! pic.twitter.com/IXs0fIhndV
â Lookonchain (@lookonchain) August 21, 2024
The launch of Sun Pump, TRONâs equivalent of Solanaâs Pump Fun, has generated decent revenue and attracted big buyers. This new wave of meme coins on TRON has the potential to replicate the explosive success seen on other platforms, offering early investors a chance to capitalize on the trend.
Moreover, Deutscher also believes that Justin Sun plays a key role in TRONâs success. Sunâs influence and strategic moves have fueled TRONâs growth, and he hints that recent developments are just the start.
Top Memecoins To Invest
Deutscher highlights a few key strategies for those looking to gain exposure to TRONâs potential upside. Investing in TRONâs native token, TRX, which has shown a consistent uptrend, is a straightforward way to benefit from the platformâs growth.Â
Plus, meme coins like SUNDOG, which are rapidly gaining mindshare and market cap, offer high-risk, high-reward opportunities. Finally, the ecosystem token SUN, which benefits from the increasing protocol revenue and burns, is another interesting play for those looking to capitalize on TRONâs expanding network.
In short, Deutscherâs analysis suggests that TRON is poised for significant growth soon. With multiple factors aligning, this could be a golden opportunity for investors to dive into meme coins, as TRON shows strong signs of an upcoming bull run. What do you think?
