The post Why Tron’s Latest Meme Explosion Could Propel TRX to All-Time Highs? appeared first on Coinpedia Fintech News
As the fear of further crypto capitulation gradually dissipates, as shown by the spike of Bitcoin’s (BTC) fear and greed index to 39 percent, more crypto traders have flocked into the altcoin industry led by the Tron (TRX) network.
Furthermore, the crypto cash rotation will soon favor the altcoin industry as Bitcoin dominance signals an inevitable weekly reversal.
Tron (TRX) Network Clinches the Top Fueled by Memes
Tron is the top trending asset in crypto following its pump Since SunPump, the project's new memecoin deployer debuted on August 12th, well over 7,000 new coins were launched and TRX's own market value is +22%, peaking at just over $0.165 earlier today.From a data… pic.twitter.com/FxGHmgIPFw
— Santiment (@santimentfeed) August 22, 2024
According to on-chain data analysis provided by Santiment, the Trom network has continued to dominate the altcoin industry following the recent launch of the meme coin launch fair dubbed Sunpump platform. Since August 12, more than 7k meme coin projects, led by Sundog ($SUNDOG), have been launched on the Tron network.
According to on-chain data analysis from Defillama, the Tron network registered 2.22 million active addresses in the last 24 hours and a daily revenue of about $3.84 million.
The $10 million meme ecosystem boost launched by the Tron Foundation and Sunpump platform has significantly increased the number of users on the Tron network.
Due to Justin Sun’s reputation as the founder of the Tron network, the Sunpump meme fair launch has already partnered with several Web3 projects led by Dexscreener and CEX exchanges. For instance, Bitpanda announced that it will list its $SUNDOG for its traders.
We just added $SUNDOG to our listing countdown.@SUNDOG_TRX is a meme coin about a dog built on $TRON that’s going to the Sun.Become a $BEST VIP and subscribe to #SUNDOG to get your share of the giveaway tokens: https://t.co/Oi967ylSHR pic.twitter.com/in7MZsIEwM
— Bitpanda (@Bitpanda_global) August 22, 2024
Impact on TRX Price
Following the notable spike in Tron’s meme coin activity in the last week, TRX price has been signaling a potential bullish breakout. According to the latest market data, TRX price has rallied over 20 percent in the last 7 days to trade about 16 cents on Thursday.
The large-cap altcoin, with a fully diluted valuation of about $13.6 billion and a daily average traded volume of around $1.8 billion, has seen a notable increase in on-chain burns since the launch of the Sunpump platform.
As a result, TRX price could soon spike to a new all-time high, fueled by both retail and whale traders.
