As a seasoned crypto investor with a knack for spotting promising projects, I’ve been closely watching the meteoric rise of TRON (TRX) over the past few months. The impressive 24% increase in market cap during Q3 2024, pushing it into the Top 10 cryptos by market cap, is nothing short of remarkable.
In recent months, TRON (TRX) has been experiencing significant growth, with a notable increase in its market capitalization. According to Messari’s Q3 2024 tracking, TRX’s market capitalization rose by 24%, from approximately $11 billion to $13.5 billion. This is the seventh consecutive quarter where the token has seen an uptick in circulating market cap, propelling the company into the Top 10 largest cryptocurrencies by market capitalization.
The price jump of TRX also affected its pairing with Bitcoin (TRX/BTC), recording a 25% increase as well. Currently, TRX ranks below Ripple (XRP) and Dogecoin in the top cryptocurrencies by market capitalization. Its main strength lies in transactions facilitated by USDT, and it’s set to debut on SunPump, an innovative meme-focused marketplace and online platform.
TRON Gets A Boost From SunPump
In Q3, the TRON network experienced a significant surge in transaction activity due to the introduction of SunPump. This led to a 29% jump in TRX transactions, amounting to approximately $151 million. To put it into perspective, during August alone, over 270 million TRX worth around $42 million were destroyed on SunPump, marking the largest single-day burn for TRON to date. Since TRX operates as a deflationary token, it gets destroyed whenever it’s used in a transaction, thereby supporting its value.
TRON Supply Dips In Q3
TRON maintains a stable coin supply of 100 billion to preserve its worth and prevent excessive growth. Consequently, the circulating supply decreased from approximately 87.2 billion in Q3 to around 86.62 billion. This reduction is due to TRON’s schedule for destroying coins, which outpaces the creation of new ones. To summarize, TRX’s annualized inflation rate has fallen further, reaching -2.7%, compared to the previous quarter’s rate of -2.4%.
TRON works diligently to strike an equilibrium between destroying and minting tokens. Its goal is to reduce the number of circulating tokens, a move that could bring advantages to token holders and investors. Furthermore, the return on staking TRX has risen by 13% compared to the previous quarter, which draws in more users and investors.
Big Things Ahead For TRON
As a researcher delving into the realm of cryptocurrencies, I am thrilled to note that TRON has solidified its position as one of the leading digital assets, boasting a market capitalization of approximately $13.5 billion. This growth trajectory is poised to continue for the network, given the surge in revenue, a significant portion of which can be attributed to the launch of a fresh meme coin fair and platform.
As a researcher delving into the world of digital currencies, I’ve uncovered some fascinating statistics from Dune that indicate approximately 90,000 meme coins have been birthed through TRON’s network via SunPump. Interestingly, the most significant surge occurred on August 20th, with a staggering 7,500 coins entering the market, underscoring the pivotal role of meme coins in maintaining the vitality and dynamism of the TRON platform.
Read More
Sorry. No data so far.
2024-10-20 11:10