As of this writing, the value of TRX, the Tron network's native currency, has not changed and is actually heading around its all-time high. Buyer confidence is high, and the rise that began in Q3 204 shows no signs of abating.
Nearly $100 Billion Sold Through Tron's On-Chain Volume
Rising on-chain activity and changes in crypto market sentiment after US monetary policy swings are contributing factors to the prognosis.
The Tron network resolved about $100 billion in on-chain activity in the previous week, according to statistics from IntoTheBlock. According to the blockchain analytics platform, the increase in on-chain activity is the cause of the surge in on-chain volume.
According to statistics compiled by IntoTheBlock, Tether (USDT) transactions accounted for the vast majority of the $98 billion in trade volume processed by the blockchain in only seven days. Tron is responsible for more than $61 billion USDT, as reported by TronScan.
Tron, which is both cheaper and more scalable than Ethereum, is responsible for initiating more than half of all USDT transactions. Despite the popularity of Ethereum layer-2 solutions, USDT on Tron is still the most popular and dominant option.
Last week, TRX transfers accounted for 2.6% of total on-chain traffic, according to IntoTheBlock analytics. Besides SUN and BitTorrent, JUST is another TRC-20 coin that ranks in the top five. Some of the best DeFi protocols on Tron are primed using these coins.
Increase in TRX Price Caused by Meme Coin Activity?
Curiously, not a single one of these meme currency tokens made it into the top five, despite the fact that activity around meme coins has been on the rise since SunPump's introduction in mid-August. Meme currency fever was stoked on August 13 by Justin Sun, co-founder of Tron, who created SunPump.
According to Dune Analytics, SunPump has made more than $5.3 million from the sale of more than 86,400 meme coins via its launchpad. At the moment, Sunswap lists more than 1,640 SunPump tokens.
Even if the meme coin craze has died down, SunPump's top meme coin, SunDog, and TRX have both reaped the benefits. According to Coingecko, SunDog is up more than 720% from its August 2024 lows as of September 26.
According to the data, TRX is trading at a 10% discount to its all-time high. Even if there has been a decline in trade volume in recent weeks, the upward trend is still intact. With a successful breakout over $0.15, the bull flag that is visible on the daily chart might provide the necessary impetus for a surge above the highs reached in August 2024.