By Nermeen Nabil Khear TLDR:
TRON’s network revenue increased by 170% year-over-year, reaching $7.28 million
SunPump meme coin launchpad generated over $5.4 million in revenue for TRON validators
TRON’s Q3 revenue hit a record high of $151.2 million, up 30% quarter-on-quarter
Over 89,000 meme tokens were launched on SunPump between August 12 and September 30
TRON’s monthly fees reached an all-time high of approximately $200 million
The TRON blockchain network has experienced significant growth in revenue and activity over the past year, largely driven by the popularity of meme coins and its new launchpad, SunPump.
Recent data shows that TRON’s network revenue has increased by 170% year-over-year, reaching $7.28 million as of mid-October 2024, up from $2.69 million in the previous year.
One of the main factors contributing to this growth is TRON’s dominance in USDT transfers. The network’s low fees, averaging $0.21 per transaction, and higher scalability have made it an attractive option for users engaged in remittances rather than trading or meme coin minting.
In August 2024, TRON activated SunPump, a meme coin launchpad that has since become a significant source of revenue for the network. According to Dune Analytics, over 90,800 meme coins have been launched on TRON through SunPump since early August. This influx of meme coin minters and speculators has generated more than $5.4 million in revenue for TRON validators.
The impact of SunPump on TRON’s overall performance was particularly notable in the third quarter of 2024. Messari reports that TRON’s quarterly revenue reached a record high of $151.2 million, representing a nearly 30% increase quarter-on-quarter. The meme coin frenzy led to a 487% increase in TRON’s decentralized finance transactions over Q3.
Between August 16 and 31, over 270 million TRX tokens were burned, generating around $42 million in revenue – nearly 27% of TRON’s Q3 revenue. August 20 saw a daily record of more than 7,500 SunPump tokens launched, while August 21 recorded the highest amount of TRX burned in a single day in the network’s history.
However, the meme coin activity on SunPump has shown signs of slowing down. In September, the number of new tokens launched daily consistently fell below 1,000. Despite this decline, TRON’s average daily transaction count increased by 14.4% to 7.2 million over the quarter, while average daily active addresses rose 6% to 2.1 million.
TRON’s success in the stablecoin market has also contributed to its growth. The market cap of Tether (USDT) on TRON increased by 3% over the quarter to nearly $59 billion in Q3, accounting for around half of USDT’s total market cap across all supported chains.
Most recently, TRON has hit a new milestone with its monthly fees reaching an all-time high of approximately $200 million. This surge in fees indicates strong bullish momentum and heightened demand for the network’s blockspace.
As of October 18, 2024, TRON’s native cryptocurrency, TRX, is trading at $0.1604, up 0.63%. The token’s price action and the network’s growing revenue have led to speculation about potential future rallies. However, on-chain signals remain neutral, suggesting that any future growth may be gradual rather than explosive.
The post TRON (TRX) Network Sees Surge in Revenue and Activity, Driven by Meme Coin Trend appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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