As a seasoned crypto investor with a knack for spotting undervalued projects and a penchant for web3 technologies, I find myself drawn to the recent surge in Tron (TRX). The uptick in on-chain activity and the entrance of meme coins into the Tron ecosystem have caught my attention.
Amid increased crypto market turbulence and concerns about future price drops, Tron (TRX), a well-established layer-one blockchain with approximately $8 billion in total value locked and nearly $60 billion in stablecoins market capitalization, has experienced an uptick in on-chain activity. In recent times, the Tron network has been behaving more like popular speculative chains such as Solana (SOL) and Toncoin (TON).
Based on recent market statistics, the price of TRX increased by approximately 11.7% within a 24-hour period, reaching around $0.1622 during the afternoon London trading session on Wednesday. This surge led to an increase in its daily average traded volume, which exceeded 120 percent and amounted to about $2 billion over the same timeframe. Given its large-cap status and a fully diluted valuation of around $14.1 billion, TRX is experiencing significant trading activity.
After an impressive bullish surge, the value of TRX relative to the U.S. dollar is currently testing its record high for 2021. Looking at it from a technical perspective, TRX appears primed to experience significant growth during the phase where it explores new price levels within the broader bull market trend.
Tron Network Welcomes Meme Coins
After being in secret development for several years, the Tron network has now entered the meme coin era with an official welcome. To ignite the meme coin trend, the Tron network unveiled a $10 million initiative aimed at supporting projects related to meme coins.
As stated by Justin Sun, who is the founder of the Tron Foundation, the Sunpump protocol could act as an essential entry point for countless users to embrace TRX and the various web3 projects linked with it.
Additionally, the Sunpump platform takes numerous precautions to shield its users against potential rug pulls and exploitative actions by creators of meme coins.
To facilitate a smooth introduction of Tron’s meme coin, the Sunpump protocol has decided on a strategic partnership with Dexscreener, a well-known provider of real-time DEX analysis.
Get ready! TRON has now been added to the dexscreener platform! You can now monitor TRON’s meme tokens and access information about them. This significant development brings TRON and sunpumpmeme into the community of meme tokens. Expect millions more to join the TRON meme network tomorrow, and we are all set for the influx!
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 20, 2024
Initially, Tron’s meme coin has garnered increased interest from crypto investors who gamble on speculation. To clarify, Sundog (SUNDOG), a meme coin themed around dogs and boasting a market cap exceeding $261 million with a daily average trading volume of approximately $38 million, experienced a rise of over 60% in the last 24 hours, being traded at roughly 26 cents at the time of this report.
Rising Web3 Activity
According to a previous report by Coinspeaker, the Tron network stands out among other web3-centric blockchains in terms of daily active addresses. This leadership position is particularly notable given the current rise in market capitalization for stablecoins. Notably, the Tron network has gained significantly from this trend thanks to its partnership with Tether (USDT).
Based on recent data from the blockchain, it’s been reported that the Tron network has amassed a staggering 252 million user accounts and these users have executed transactions over 8.3 billion times. What’s truly impressive is that since its launch, the Tron network has been instrumental in facilitating over $13.4 trillion worth of transfers involving its core tokens.
Over the last day, the Tron network has recorded approximately 6.99 million transactions, with the majority being driven by the excitement surrounding meme coins.
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2024-08-21 13:00