#TRON #TronNetwork #meme_coin #mememcoinseason2024 #BinanceSquareFamily
Introduction
Tron's price maintained its stability on Saturday, September 21, even as SunPump tokens experienced a significant downturn. Tron edged slightly higher to $0.1520, recovering from this week's low of $0.1467. However, it remains 11% below its highest point of the year.
Decline in SunPump Meme Coins
According to data from CoinGecko, SunPump meme coins have seen a substantial pullback in recent days. Sundog, the largest token in the SunPump ecosystem, dropped by 11.1% over the past week, reaching a price of $0.30 and reducing its market cap to $305 million. Other tokens in the ecosystem have also taken a hit:
- Tron Bull : down 8%
- Muncat : down 35%
- SunWukong : down 10%
- Suncat: down 37%
Altogether, the combined market capitalization of all meme coins within the Tron ecosystem has shrunk from over $560 million to $514 million. This declining performance has negatively impacted Tronâs decentralized exchange (DEX) volume, which decreased by 10% in the past seven days, bringing it to $453.6 million.
Meanwhile, other blockchain networks like Solana (SOL), Binance Chain, and Sui saw significant increases in their DEX volumes during the same periodârising by 11%, 22%, and 70%, respectively.
Tron Sees Increased Activity Despite Setbacks
Despite the dip in SunPump meme coins and DEX volume, Tronâs network activity continues to grow. According to blockchain analytics platform Nansen, Tron recorded over 8.2 million transactions on Saturday, marking its highest daily transaction volume since August 27 and significantly surpassing this monthâs low of 6.14 million transactions.
Tron also stands out as one of the most profitable networks in the crypto space. Data from TokenTerminal reveals that Tronâs network fees have reached $1.2 billion this year, trailing only Ethereumâs $1.86 billion in the blockchain world. Since its launch, SunPump tokens have generated over $44.8 million in network fees.
Another positive development for Tron is the rebound in its staking yield, which climbed back to 4.97% after dropping to a low of 4.35% last month. This uptick in yield is attributed to an increase in Tron burn and gas fees over the past month.
Technical Analysis: Positive Signs for Tron
From a technical standpoint, Tron shows encouraging signals. It formed a double-bottom pattern around $0.1466 between August and September, which is just above the key support level of $0.1455âits highest swing point in February of this year.
Additionally, Tron has held its position above the 50-day moving average, a bullish indicator, while the Relative Strength Index (RSI) has risen above 50, signaling potential upward momentum. These technical factors suggest that Tron could continue its rise as buyers aim for the year-to-date high of $0.1690.
