Tron’s quarterly revenue reached $151.2M as a result of a 30% increase in growth due to the SunPump launchpad.
Over the past decade, Tron has experienced extraordinary development, which has caused quite a stir in the cryptocurrency community. SunPump, its recently implemented memecoin launchpad, has facilitated the issuance of more than 90,823 tokens, resulting in a substantial 487% surge in activity. Tron’s blockchain quarterly revenue reached a record-breaking $151.2 million as a result of this surge, which represents a 30% increase from the previous quarter.
Many are uncertain whether Tron’s native token (TRX) price will soon reach new heights due to the recent increase in Tron’s performance.
A surge in fees for the platform was the result of the flood of meme coin creators and merchants that SunPump attracted in August with the introduction of the platform. These expenses are incorporated into the standard revenues from the token and USDT transfers.
Dune’s data indicates that since early August, more than 90,800 meme coins have been launched on Tron via SunPump. On August 20, the buzz peaked with the issuance of over 7,500 tokens in a single day, underscoring the significant contribution of SunPump to Tron’s expansion.
Despite the fact that the number of token offerings decreased in September, Tron’s development remained robust. The destruction of more than 270 million TRX tokens, valued at $42 million, accounted for 27% of the quarter’s revenue.
Consequently, Tron’s quarterly revenue in the third quarter reached a record high of $151.2 million, a nearly 30% increase from the previous quarter.
SunDog (SUNDOG) rapidly established itself as the most significant memecoin among the numerous tokens that were introduced, with a market capitalisation of $217 million. Tron’s aggregate market capitalisation increased by 24% as a result of this accomplishment, culminating in $13.5 billion in the third quarter.
Tron’s blockchain documented an average of 7.2 million daily transactions, in addition to the increase in token launches. Despite a minor decrease in the total value locked (TVL) in DeFi to $6.98 billion, Tron continues to command the focus of both investors and developers.
Many investors anticipate that the Tron coin’s price will rebound to its previous all-time peak of $0.30 as the Tron blockchain progresses to new heights.
At present, the TRX price has surpassed a rising wedge pattern and is encountering immediate resistance at $0.172. If Tron is able to surpass this threshold, it may establish a foundation for more ambitious objectives, such as $0.21 and $0.30. As of the present, Tron is trading at approximately $0.16, which represents a minor decrease in the past 24 hours.
Conversely, a Tron price below $0.172 may indicate market weakness. In that event, the asset may encounter support at lower levels, specifically $0.1540, $0.1500, and $0.1470.
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