In recent months, TRON has experienced significant market capitalization growth, primarily due to its native token TRX.
TRX’s market capitalization increased by 24% from roughly $11 billion to $13.5 billion in Q3 2024, according to Messari’s monitoring. This is the seventh consecutive quarter in which the circulating market cap of the token has increased, propelling the company into the Top 10 largest cryptocurrencies by market cap.
TRX/BTC also experienced a 25% increase in price as a result of TRX’s price surge. XRP and Dogecoin are the top two cryptos by market capitalisation, with the token appearing below them. SunPump, the first “meme fair and online platform,” is powering it predominantly through USDT transactions.
The TRON network experienced a substantial increase in transaction volume during the third quarter as a result of the launch of SunPump. TRX transactions increased by 29% to $151 million in the third quarter, according to reports. In August alone, SunPump consumed more than 270 million TRX, which is worth $42 million. This is the most extensive single-day incineration for TRON. TRX is destroyed each time it is utilized in a transaction to maintain its value, as it is a deflationary token.
TRON endeavors to achieve equilibrium between the production of new tokens and the destruction of existing ones. The network’s objective is to reduce the circulating supply of the token, which could be advantageous for both investors and holders. Additionally, the yield on staking TRX has increased by 13% quarter over quarter, which has attracted an increasing number of users and investors.
TRON has reached a market capitalisation of $13.5 billion, making it one of the largest cryptocurrencies. The network can anticipate sustained growth as a result of the increasing revenue, which is partially driven by the introduction of a new meme coin fair and platform, as well as the support of holders and users. Furthermore, the token’s potential value is presently at an advantage due to the network’s token-burning policy, which surpasses minting.
Lastly, Dune’s statistics indicate that SunPump has been employed to launch more than 90,000 meme coins through TRON’s network. The most active day was August 20th, with the discharge of over 7,500 coins, which underscores the platform role of the meme coins in the maintenance of TRON.
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