TRX, the native currency of the Tron network, is stable at press time and is trending near record highs. After the explosion of Q3 204, the uptrend remains, and consumers are sure that there will be more benefits in the coming days.
Tron Has Solved Almost $100 Billion In-Chain Volume
The outlook is partly thanks to the growth of on-chain activity and the changing sentiments of the crypto market after changes in monetary policy in the United States.
According to IntoTheBlock the dataThe Tron network settled nearly $100 billion in on-chain volume last week. The spike in on-chain volume, the blockchain analytics platform sees, is due to increased on-chain activity.
With blockchain processing over $98 billion in trading volume in seven days, IntoTheBlock data shows that Tether (USDT) transfers dominate. According to TronScan, Tron controls over $61 billion of USDT.
Notably, more than 50% of all USDT transfers are initiated from Tron, which is cheaper and less risky than Ethereum. Even with the rise of Ethereum layer-2 solutions, USDT on Tron is dominant and preferred.
Integrating IntoTheBlock data also reveals that the following TRX transfers, which accounted for 2.6% of all on-chain volume last week. Other TRC-20 tokens in the top five include SUN, BitTorrent, and JUST. These are the tokens that start some of the top DeFi protocols on Tron.
Meme Coin Activity To Drive TRX Higher?
Interestingly, even though meme activity is gaining momentum after SunPump’s launch in mid-August, none of these meme tokens have broken into the top five. On August 13, Justin Sun, founder of Tron, launched SunPump, fueling the meme coin frenzy.
Dune Analytics data revealed that SunPump has generated over $5.3 million in revenue with over 86,400 meme coin launchpad coins launched. Currently, more than 1,640 SunPump tokens are listed on Sunswap.
Although the meme coin mania has faded, TRX and SunDog–the top meme coin released from SunPump–have benefited. As of September 26, SunDog is strong, up more than 720% since August 2024, according to the report. Coingecko.
From the chart, TRX is about 10% down from its all-time highs. Despite slowing down in the last few trading weeks, the uptrend remains. A break above $0.15 and a bull flag, which is clear on the daily chart, would create momentum for a leg up above August 2024.
Featured image from Canva, chart from TradingView