Tron Energy Needs Rise 100% In 3 Months: New All-Time High Incoming?

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As a seasoned researcher with over two decades of experience in the ever-evolving world of blockchain and cryptocurrencies, I have witnessed numerous projects rise and fall. However, Tron’s resilience and growth over the years have been quite remarkable.

Tron has moved up into the top 10 blockchains by market capitalization, pushing out Toncoin and Cardano. Despite early skepticism about its survival due to the perceived dominance of Ethereum, this network has exceeded expectations in terms of smart contract capabilities.

Tron Energy Demand Doubles In 3 Months

It appears that according to IntoTheBlock, the Tron network’s energy demand has increased by 100% over the past three months. This growth may suggest that Tron could potentially reach new record highs at current spot rates, and the mainnet seems to be flourishing as well.

According to specialists, a swift surge in Tron’s energy levels points towards heightened network engagement and quick adaption. Similar to Ethereum and contemporary blockchains, Tron boasts energy efficiency and depends on validators for handling transactions.

In reference to Tron, it’s essential for energy when running smart contracts on its primary network. With an influx of meme coins and DeFi applications being launched, the need for this “fuel” escalates. This surge in demand for resources propels Tron’s energy usage to new highs.

As a researcher studying Tron’s design, I’ve noticed that during periods of high transaction demand, additional energy is required to prevent gas fees from skyrocketing. This surge in energy consumption isn’t unexpected given the bustling Decentralized Finance (DeFi) ecosystem and lively meme coin scene that Tron hosts.

Ecosystem Boom Driven By Meme Coins: TRX Priming For New All-Time Highs?

According to DeFiLlama, Tron’s Decentralized Finance applications collectively handle more than $7 billion worth of assets. Conversely, SunPump, a meme coin launchpad introduced in August, has witnessed over 91,000 meme coins being deployed on the network. Furthermore, Dune Analytics shows that approximately 1,700 tokens are listed on Sunswap.

By chance, it was around August when a surge, or spike, occurred – this coincided with the activation of SunPump. As of October 24th, SunPump has contributed more than $5.4 million to Tron’s earnings, as evidenced by data from Dune. Additionally, other sources of income stemmed from the deployment of smart contracts through gaming, DeFi, and assorted dapps on the platform.

Currently, Tron (TRX) is trading near its peak from October 2024, bucking conventional trends. It’s intriguing to note that while Ethereum encounters difficulties maintaining momentum, TRX is just under 4% short of reaching its all-time highs. If bullish sentiment continues to grow based on the gains made on October 24th, it’s possible that TRX could surpass its August highs, setting a new all-time high in the last quarter of 2024.

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2024-10-25 07:16