Tron Transaction Dominance Rise as TRX Price Takes a Hit

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and shifts. After thoroughly analyzing the data presented, it appears that Tron (TRX) is not only maintaining its popularity but also surging ahead in the altcoin race.

According to CryptoQuant, an analytics platform for blockchain networks, there’s been some uncommon activity observed on the Tron Network. On October 30th, the proportion of transactions on Tron (TRX) compared to other networks like TON, Polygon (MATIC), Arbitrum (ARB), and others increased to 43%. This suggests that the platform is maintaining its user base. In fact, for the entire month of October, Tron handled approximately 230 million transactions alone.

On October 24th, there was a significant surge in transactions, amounting to approximately 10.46 million. This figure represents a 25% increase over the average number of transactions over the past 30 days. Prior to this, TRON had built a reputation for high transaction volume within the cryptocurrency sector. However, its dominance in this area shifted slightly between August 25th and October 5th.

Memecoin Mania Sponsors Tron Success

According to on-chain information, the decline appears to be due to actions taking place on different platforms. Yet, given past trends, this latest recovery might persist for quite some time. Analyst JA Maartunn opines that Tron could continue being a favorite among altcoins. It’s noteworthy that SunPump plays a crucial role in Tron’s expansion.

TRON Transaction Dominance (%) Rises to 43%

As a researcher, I’ve observed an uptick in the prominence of the TRON Network. This resurgence can be clearly seen in its proportion of total transactions among prominent altcoin blockchains, as represented by the red line in our graph.

Over recent days, $TRON has been the leading alt-chain for transaction processing.

On…

— CryptoQuant.com (@cryptoquant_com) November 1, 2024

The meme coin launch platform on the Tron network has launched approximately 90,800 meme coins, causing a significant surge in activity by 487%. In one day during August alone, over 7,500 tokens were introduced. This massive increase undeniably boosted Tron’s quarterly revenue to an impressive $151.2 million. According to a recent report by Messari, the network’s earnings for Q3 grew by 30% compared to the preceding quarter.

Notably, this underscores Tron’s dedication, ability to adapt, and robustness. Despite a decline in excitement surrounding SunPump since August, it has drawn numerous meme coin creators and traders into the Tron Network. The proof of these activities is evident in increased platform charges and extra earnings from token and USDT transfers.

The platform’s capacity to handle large numbers of transactions, all while managing multiple types of tokens, clearly demonstrates its strong infrastructure and the confidence users have in it. Furthermore, the widespread craze surrounding meme coins within the broader cryptocurrency market has contributed significantly to the expansion of the Tron Network.

TRX Price Expected to Reach $0.3

The surge in Tron transactions has brought increased attention to TRX, the native token of the Tron protocol. Financial analysts and market watchers are expressing worry over possible changes in TRX’s price trend.

The crypto is trading for $0.1674 after losing 0.93% of its value in the last 24 hours. This trading price shows that TRX has surpassed a rising wedge pattern, with immediate resistance at $0.172.

According to these experts, if TRX surpasses its current value, it might lead to additional growth. They’re hopeful that TRX could reach approximately $0.21, with a possibility of even hitting $0.30 in the future.

Currently experiencing a dip, Tron’s market cap stands at an impressive $14.49 billion. This figure underscores active investor interest and confidence in its ecosystem, as evidenced by its positive trading volume.

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2024-11-01 19:16