Coinspeaker Tron Achieves $151M Revenue in Q3 2024, Eyes $0.30 TRX Milestone
Tron has experienced significant growth over the last ten months. The platform’s success is largely due to its innovative meme coin launchpad SunPump, which has made a strong impact in the crypto world. SunPump has introduced over 90,823 tokens, leading to a 487% rise in platform activity. This sharp increase strengthened Tron’s quarterly revenue to $151.2 million, a 30% jump from the previous quarter, according to the Messari report.
State of @trondao Q3Key Update: TRON's new memecoin platform SunPump ignites explosive growth in DeFi activity and ecosystem expansion.QoQ Metrics 📊– Revenue ⬆️ 29% to ATH– DEX volumes ⬆️ 150%– DeFi TVL ⬆️ 4% to $8.09BRead the full report 🔗https://t.co/EbfoGOrNH9 pic.twitter.com/PGRu9UnHue
— Messari (@MessariCrypto) October 17, 2024
Tron’s strong performance has ignited hope that the native token, TRX TRX $0.16 24h volatility: 0.8% Market cap: $13.75 B Vol. 24h: $324.44 M , could hit $0.30. SunPump’s August launch attracted many meme coin creators and traders, resulting in higher platform fees, along with additional income from the token and USDT USDT $1.00 24h volatility: 0.1% Market cap: $119.95 B Vol. 24h: $46.33 B transfers.
SunPump’s Role in Tron’s Revenue Boom
Data from Dune highlights that since early August, SunPump has been instrumental in launching over 90,800 meme coins on the Tron network. The peak of this activity occurred on August 20, when more than 7,500 tokens were launched in a single day. Even though the rate of token launches tapered off in September, Tron’s growth trajectory remained robust.
Tron’s quarterly revenue, reaching $151.2 million in the third quarter is a testament to the platform’s resilience and adaptability. This amounts to a 30% rise from the previous quarter showing the effectiveness of Tron’s strategies and the strong community support it enjoys. Amidst this financial success, the spotlight turns to TRX’s potential price movement.
The current trading price of TRX has surpassed a rising wedge pattern, facing immediate resistance at $0.172. Analysts suggest that breaking above this level could set the stage for further gains, targeting $0.21 and potentially $0.30. Currently, TRX is trading around $0.16, showing a slight decline over the past 24 hours.
Tron’s Market Cap Climbs 24% to $13.5B
Tron’s overall market capitalization has surged by 24%, concluding the third quarter at an impressive $13.5 billion. Among the numerous tokens launched, SunDog (SUNDOG) has emerged as the largest meme coin, achieving a market cap of $217 million. This achievement has significantly contributed to Tron’s growing market presence.
In addition to the surge in token launches, Tron’s blockchain has maintained an average of 7.2 million daily transactions. Although the total value locked (TVL) in DeFi experienced a slight dip to $6.98 billion, Tron continues to attract attention from investors and developers. The platform’s ability to sustain high transaction volumes while managing a diverse range of tokens speaks volumes about its robust infrastructure and user trust.
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Tron Achieves $151M Revenue in Q3 2024, Eyes $0.30 TRX Milestone
