Tron Processes Nearly $100 Billion In Trading Volume Last Week, TRX Ready For New All-Time High?

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As a researcher with extensive experience in the crypto market, I must say that the current state of TRX is nothing short of fascinating. Having closely monitored the Tron network since its inception, it’s remarkable to see it settling nearly $100 billion in on-chain volume in just a week. This surge in activity underscores the growing adoption and scalability of the network, especially when compared to Ethereum.

At the current moment, TRX, the digital currency of the Tron platform, is holding strong and approaching record highs. Following a significant surge in Q3 2021, this upward trend persists, with investors optimistic about further increases in the near future.

Tron Settles Nearly $100 Billion In On-Chain Volume

The favorable situation can be attributed, in part, to an increase in on-chain transactions and a shift in the overall sentiment of the cryptocurrency market following adjustments to the U.S. monetary policy.

Based on data from IntoTheBlock, the Tron network handled approximately $100 billion worth of transactions over the past week. This significant increase in transaction volume, as noted by the blockchain analytics platform, appears to be a result of heightened on-chain activity.

In just a week, blockchain transactions exceeded $98 billion, primarily driven by Tether (USDT) transfers as indicated by IntoTheBlock data. Moreover, TronScan reveals that the Tron network handles approximately $61 billion worth of USDT.

Significantly, more than half of all transactions involving Tether (USDT) originate from the Tron network. Compared to Ethereum, Tron is generally less expensive and offers greater scalability. Despite the growth in Ethereum’s layer-2 solutions, USDT on Tron remains dominant and preferred by many.

Analyzing data from IntoTheBlock further shows that transactions involving TRX account for approximately 2.6% of the total on-chain activity over the past week. Among other notable TRC-20 tokens, SUN, BitTorrent, and JUST make up the top five. These particular tokens are instrumental in powering some of the leading DeFi platforms on Tron.

Meme Coin Activity To Drive TRX Higher?

Despite the surge in activity surrounding meme coins following the mid-August launch of SunPump by Justin Sun, the founder of Tron, no meme coin token managed to crack the top five rankings. The introduction of SunPump on August 13 sparked a frenzy within the meme coin market.

According to Dune Analytics findings, SunPump has earned approximately $5.3 million in revenue due to the release of more than 86,400 meme coins through their meme coin launchpad. At present, around 1,640 SunPump tokens are available for trading on Sunswap.

As a crypto investor, I’ve noticed that while the hype around meme coins seems to have cooled down, an exception appears to be SunPump’s latest offering, SunDog. Remarkably, as of September 26, this coin has shown remarkable resilience, surging by a staggering 720% from its August 2024 lows, according to Coingecko.

According to the graph, TRX has decreased by approximately 10% from its all-time peak. Despite the dip during recent trading sessions, the overall trend continues to rise. If TRX manages to surpass $0.15 and the visible bullish flag on the daily chart, it could gather strength to reach new highs that were last seen in August 2024.

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2024-09-27 03:41