The Tron blockchain broke headlines after registering over $1 million in revenue in 24 hours. The blockchain’s significant revenue growth is mainly credited to a surge in transactions related to the SunPump memecoin fair launch platform. As a result, TRX surged 12% in the same timeframe, making it the top gainer in the market.
Tron took the crypto industry by storm after leading crypto revenue rankings in the last 24 hours. The platform collected revenue worth $1 million last day, outshining other major networks such as Ethereum and Solana.
SunPump’s rising popularity fuels Tron’s growth
Johny, a crypto enthusiast on X, shared Tron’s performance, stating that Justin Sun, the founder of Tron blockchain, may have found a new niche in the market.
Tron chain now the #1 chain in revenue in all of crypto
Generating over $1M in revenue in the last 24 hours $TRX & @justinsuntron may have found there new niche in the market pic.twitter.com/2ECgnuxOds
— Johnny (@CryptoGodJohn) August 20, 2024
He argued that the rising popularity of the SunPump memecoin platform fueled the blockchain’s performance in the last 24 hours. Tron’s daily transaction volume surged by 124% in less than a day.
SunPump supports over 18,000 memecoins created on the platform since its launch in mid-August. According to data from Dune Analytics, the memecoins have raked in 7,080,777 TRX (roughly $1.12 million) in total revenue for the network at the time of this publication.
TRX’s price has also performed remarkably in the last week. The digital asset has surged 11.75% in the last 24 hours and is up 27% in the last 7 days, according to raw data from crypto price tracking website Coinmarketcap. TRX is currently trading at $0.1651, a price last seen in May 2021.
The significant surge in the TRX price has also been reflected in the asset’s market capitalization, which sits at $14.22 billion at the time of this publication.
Tron’s dominance in the memecoin ecosystem is responsible for TRX’s market cap growth. TRX has surpassed the market cap of Cardano’s ADA, claiming the tenth position on Coinmarketcap’s list of the largest crypto projects.
On August 19, Justin Sun mentioned in his X post that he was in talks with memecoin community leaders who showed intentions to shift their ecosystems to the Tron blockchain. However, Sun did not name any leader or project in particular.
CryptoQuant’s RSI shows TRX is overbought
TRX’s RSI and Stochastic indications. Source: Cryptoquant
Despite TRX’s euphoric rise, analysts have issued warnings regarding its native blockchain’s recent performance. According to the on-chain data analytics firm CryptoQuant, TRX’s Relative Strength Index (RSI) shows that digital assets are severely overbought.
The stochastic indicator on CryptoQuant’s website shows a neutral reading of 56.8, indicating that TRX’s current price is moderately positioned between the lowest ranges and the peak of the preceding two weeks. This neutral attitude presents a balanced view of TRX’s market position, which is currently in equilibrium.
The Tron blockchain has also witnessed increased Tether activity. Stablecoin issuer Tether recently minted $1 billion worth of USDT on the Tron network, based on TronScan data. According to a post by on-chain analytics platform Lookonchain, Tether has cumulatively minted $33 billion on the blockchain network in the last year.
