The TRON founder, Justin Sun has successfully increased the network’s energy cap to 120 billion.
According to him, this move is expected to lower gas fees, boost TRX transactions for stakers, and improve overall TRON network activity.
The price of TRON (TRX) surged 22% towards an all-time high (ATH) of $0.20, reclaiming its 10th position.
According to TRON founder Justin Sun, since he successfully launched the SunPump meme coin, the Tron community has been flourishing and this has equally raised the Tron Network activity, triggering a significant energy shortage.
Due to this recent development, Justin Sun announced, some days ago, a proposal (Proposal No. 92) to increase the network’s energy cap. He added that this will help the TRON community to significantly lower transaction fees and energy costs on the network.
TRON Community Raises Network Energy Cap to 120 Billion
Earlier today, Justin announced that the proposal is officially into effect within the Tron community and has raised the network’s energy cap to 120 billion.
Proposal No. 92 of the TRON community is now in effect, raising the energy cap to 120 billion. This means more transactions for TRX stakers, lower Gas Fees, and increased network activity. I’m impressed by the TRON community’s execution. https://t.co/RbwJvQ75Ds
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 25, 2024
This development should effectively lower the gas fee on the network, boost transactions for TRX stakers, and improve overall network activities.
According to Sun, an increase in the energy cap will encourage TRX staking and enable free transfers within the TRON ecosystem. He forecasted that the total revenue on the TRON protocol could reach $3B in the next 12 months, with $1B to be burnt and $2B shared as pledgers’ rewards and transaction subsidies.
The Price Of TRON (TRX) Soared Amid Meme Coin Frenzy
Over the weekend, the price of TRON (TRX) surged by 22% after a minor pullback, pushing the token to unseat Cardano (ADA) and reclaim its 10th position.
TRON Price Chart | Source: CoinStats
According to CoinStats data, TRX currently trades at about $0.1653 with a market cap of $14.3.
Review the current market cap and number of Tron meme coin projects:
1 billion > X > 100 million: 1100 million > X > 10 million: 610 million > X > 1 million: 21
What do you think the situation will be like next week?
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 24, 2024
This rally follows an increase in TRON token burns and meme coin frenzy indicating a reduction in supply and increase in demand. Sun predicted that other meme projects on the Tron network should experience a similar surge in their prices.
According to the CoinStats data, the largest meme project within the Tron network is currently SUNDOG. At the time of writing this article, the price of SUNDOG has increased from $0.2494 by 12.46% to about $0.2775, with an increase in market cap to $249 million.
From the past week, the price of SUNDOG Price has soared about 214%. Currently, other memecoin projects launched on SunPump have also increased by about 20% to 60%.
SUNDOG Price Chart | Source: CoinStats
Tron co-founder has assured the TRON community that the increase in the network’s energy cap and gas fee reductions will not in any way hurt the profitability of the TRON protocol.
Instead, Sun stated that he expects this development to enhance daily transactions to over 20M within the next few months, subsequently increasing market share and overall profits for users.
