As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed numerous developments and trends that have shaped the landscape of digital currencies. The recent move by the Tron community to raise its energy cap to 120 billion, as announced by Justin Sun himself, is one such event that has caught my attention.
Thanks to the recent excitement surrounding SunPump, the energy limit on the Tron network has been boosted up to 120 billion. This decision, announced by Tron’s founder Justin Sun on his official page, aims to decrease network congestion and lower transaction fees as more meme coin projects flourish within the platform.
The latest proposal from the TRON community, numbered as 92, has been implemented, increasing the energy limit to 120 billion. This change will result in more transaction opportunities for TRX holders, reduced Gas Fees, and a surge in network action. I find the efficiency of the TRON community’s decision-making process quite remarkable.
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 25, 2024
As an analyst, I’m excited to share that the implementation of Proposal No. 92, which boosts the energy cap, stands to advantage me as a Tron staker. This enhancement is anticipated to lower gas fees and stimulate higher network activity. In appreciation, Justin Sun commended the Tron community for its proficient execution of this proposal.
Before the declaration, Sun clarified that decreasing transaction fees and increasing the energy limit wouldn’t negatively impact the network’s earnings. Contrarily, this fee reduction might boost the number of daily transactions to more than 20 million within the next three months, which could potentially enhance market share and profitability.
Sun indicated that with this setup, the network’s overall income might surge to $3 billion within the next year, but $1 billion would be expended, and another $2 billion would be allocated as rewards for stakers and transaction incentives. If Tron’s strategy for memes is successful, the total revenue could potentially rise to $4 billion.
The craze for meme coins on Tron’s SunPump platform last week could be said to be a major reason why the network needed to increase its energy limits. Many crypto analysts believe that Tron’s meme coin season could experience more activity than what was seen on Solana earlier this year.
Tron’s Native Token TRX Soars Amid Meme Coin Frenzy
The surge in transactions on the Tron network has boosted the value of its associated token, TRX. In fact, the price of this coin has skyrocketed by more than 25% during the last seven days.
Currently, the value of the coin stands at approximately $0.166. In the past 24 hours, there’s been a significant increase of over 3%. As reported by CoinMarketCap, this surge in price has moved TRX ahead of Toncoin, placing it as the ninth largest cryptocurrency based on market capitalization.
1. The token burn approach and increased popularity of the coin are key factors propelling its price. In light of this price increase, Justin Sun has shown confidence that the value of Tron’s meme coin initiative could rise even more in the near future.
On the Tron network, one meme coin that’s seen significant growth is SUNDOG. Over the past week, it has skyrocketed by more than 200%. Not only that, but its positive trend continues, with a 28% increase in the last day. At the moment, it’s trading at $0.259 and boasts a market capitalization of over $258 million, as reported by CoinMarketCap.
1. The rising meme coin action on the Tron network and the potential enhancements to the network could serve as a strong catalyst for TRX to reach new record highs, strengthen Tron’s standing in the cryptocurrency market, and possibly elevate it to one of the top five cryptos based on market capitalization.
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2024-08-26 13:45