As a seasoned researcher with years of experience delving into the complex world of blockchain technology and digital currencies, I must admit that August was quite an intriguing month for me. The Tron Network’s impressive revenue surge caught my attention, and it’s not every day you see a significant leap like this compared to industry giants such as Bitcoin, Ethereum, Solana, and Binance Smart Chain.
In August, the Tron Network observed a substantial jump in its monthly earnings, marking a 46.5% increase over July’s figure of $41.9 million, reaching $61.4 million. This impressive growth sets the Tron Network apart, particularly when contrasted with leading blockchains such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Tron at Second Place after Ethereum
There is an unwritten competition among layer 1 blockchains that spans multiple metrics. The recent Tron outperformance is crucial, especially when matched with its rivals within the ecosystem.
According to data from Lookonchain, Ethereum saw a significant decrease of about 33% in revenue compared to July, earning roughly $62.61 million in August. Despite this drop, the Tron Network remained in second place. Bitcoin’s revenue also decreased by approximately 17%, falling from $24.92 million in July to $20.72 million in August.
In just thirty days, Solana’s gas earnings decreased by nearly 48.51%, going from around $49.89 million to approximately $25.69 million. On the other hand, Binance Smart Chain saw an increase of roughly 6.6% in its monthly gas revenue, climbing from about $10.5 million in July to over $11.2 million in August.
The #TronNetwork’s gas revenue saw a 46.54% increase in August.
Contrastingly to August’s growth, BSC’s gas revenue rose by 6.63% compared to July, whereas Ethereum’s gas revenue decreased by 33.44%, Solana’s dropped by 48.51%, and Bitcoin declined by 16.85%.
— Lookonchain (@lookonchain) September 3, 2024
Among all the tokens in its group, Tron (TRX) is the only one that has shown a significant increase in price over the past month. While Bitcoin’s and Ethereum’s prices decreased by 4.4% and 16% respectively, TRX’s market value increased by a substantial 22%. This demonstrates Tron’s strength and resilience compared to its peers not just in revenue, but also in price performance.
On the 22nd of August, the price of Tron experienced a significant increase, and it generated a record daily income of $5.33 million, outperforming Ethereum’s current level.
Memecoin Activities Triggers Tron Network’s Bullish Outlook
The positive perspective on the Tron Network is mainly fueled by the recent surge in popularity surrounding meme coins. A fresh meme coin launcher named SunPump, operating on the Tron blockchain, has experienced significant user adoption and financial gains. Notably, this momentum seems to have positively impacted the core Tron Network itself. In just 11 days of its debut, Dune Analytics reported that it had amassed over $1.1 million in earnings, which is roughly equivalent to 7 million TRX.
During that specific timeframe, I observed remarkable growth for SunPump compared to its Solana-based counterpart, Pump.Fun. On a daily basis, SunPump surpassed Pump.Fun in terms of activity and income generation. In just one day, 7,351 new tokens were minted on SunPump, and an impressive $585,000 was generated as revenue. Conversely, during the same timeframe, only 6,701 new tokens were minted and $366,000 in revenue was recorded for Pump.fun.
The proposed perspective indicated a notable surge in interest among investors and market participants towards the meme coin.
Last month, I found myself needing to increase the energy limit of my cryptocurrency investment in Tron to 120 billion, due to the surge in popularity of Sun Pump. Justin Sun, the creator of the blockchain, explained that this expansion would help alleviate network traffic pressure and lower transaction costs as more coin projects grow on the platform, making it easier for everyone involved.
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2024-09-03 17:26