The popularity and surging adoption of cryptocurrencies have benefited individuals and companies offering such services, which has also seen a growth in annual revenue. However, it is worth noting that dozens of companies have also gone bankrupt due to the immense volatility in the digital asset market.
In a recent report, Messari noted that the Q3 2024 revenue of Tron Network reached $151.2 million, adding 30% more than the previous. Most importantly, the report notes that the spike in revenue has been backed by SunPump, Tron’s memecoin launchpad.
Following the launch of 89,000 new tokens on SunPump between August 12 and September 30, the finance transaction on Tron DeFi surged over 485%. The report also states, “From August 16 to August 31, over 270.3 million TRX was burned (~$42 million), accounting for nearly 27% of TRON’s Q3 revenue.”
Including a revenue boost, Tron’s market capitalization grew over 17% compared to 2023, reaching $13.77 billion. One of the primary reasons behind the spike in market cap is the launch of SunDog (SUNDOG), which emerged among the leading memecoins of the crypto market.
Tron Foundation has continued to expand its presence globally, and since the beginning of 2024, it has joined hands with several firms to provide better services and user experience.
Tron’s chain explorer notes that the number of accounts continues to grow, reaching 266,863,977. Till October 17, 2024, the total active accounts on Tron were 2,588,050, and TRON had over 152.10m of accounts holding TRX.
Did Tron (TRX) Price Mimicked the Surged Revenue
Since the past few days, no major movement has been observed in the trading price of Tron(TRX); as of writing, it was trading at $0.1590 with an intraday trading volume of $271.03 million, which fell over 7%.
Source: TradingView
However, TRX’s price surged more than 47% YTD and around 19% in the past one quarter. Its press time trading prices were above the 20, 50, 100, and 200-day exponential moving average.
In 52-week time frame, the highest recorded trading price of TRX was $0.1685, and it was the lowest traded at $0.08982. In the past 24 hours, TRX/USDT has been one of the traded pairs, followed by TRX/BTC; at the same time, its communities, 79% sentiment favour bullishness, and the remaining 21% favour bearishness.
The nearest visible resistance that TRX could test is $0.1577, followed by the next resistance of $0.1604, yet its initial support is $0.1492, followed by $0.1465.
News Related to Tron Network
On October 14, 2024, it was reported that Tron and Aeon joined hands for the betterment of payment infrastructure. Market experts believe the move came following the popularity and adoption of digital assets worldwide.
Despite increased criticism of Tron due to its network conjunction, it continues expanding its presence in the DeFi category, and its TVL is closely competing with TVL’s leading blockchains.
On October 15 this year, #TronNetwork's revenue was $7.28M, compared to $2.69M last year, a 170% increase year-over-year.https://t.co/Q3YRJa7JuB pic.twitter.com/C7YnCayAbd
— Lookonchain (@lookonchain) October 16, 2024
A blockchain analysis firm, Lookonchain, wrote in an X post that “ the revenue of Tron on October 15, 2024, was $7.28 million compared to $2.69 million in 2023. The revenue grew roughly 170% year on year.
