The post Tron Blockchain Analysis : How Meme Coins are Driving Its Dominance appeared first on Coinpedia Fintech News
With an 8.40% dominance, Tron is the second-largest blockchain after Ethereum, which enjoys a massive dominance of 55.99%. In the last seven days, Tron has seen a positive change of 2.7%. It has also experienced a rise in energy consumption. These developments have brought significant attention from the cryptocurrency community to the blockchain. A Tron-based platform, SunPump, launched in August, has been well-received by the Meme Coin community. Many believe there is a link between SumPump’s success and Tron’s growth. Let’s analyze further. Ready?
Tron Blockchain Growth Analysis
The 24-hour volume of Tron is $33,996,813, and its dominance is 8.40%. In the last 24 hours alone, the blockchain has recorded a positive change of +1.9%.
Soaring Network Activity Drives Energy Demand
On July 25, 2024, the Tron energy consumption index was at 89,489,849,184. Since then, the index has grown steadily. By August 21, it reached 200,315,456,147. Yesterday, it touched a three-month peak of 250,695,275,478. In the last three months, the Tron energy consumption index has recorded an impressive rise of 180.13%. On average, the daily energy consumption of Tron has been 184.73b in the last 30 days.
Tron uses more energy in high-demand times to keep gas fees stable. Therefore, this rise in energy consumption of Tron could be regarded as an indication of growing usage and adoption across this blockchain network.
The Role of DeFi and Meme Coins on Tron’s Growth
Yesterday, the Total Value Locked of Tron was $15,835,598,969. On July 25, it was $22,193,091,458. This month, it has fluctuated between $15,632,982,694 and $19,378,663,148. The current TVL is $16.30b.
SunPump, a Tron-based platform that allows users to create and trade Meme Coins with ease, was launched in August. In mid-August, there were only 2,035 tokens under the SunPump Meme category. By August 21, it grew to 25,054. Right now, the total number of tokens launched on SunPump is as high as 91,225.
SUNDOG, BULL, TBULL, CZC, SunJoker, IVfun, $Afro, PUSS, SUNWukong and NitroSnail are the top ten SunPump Meme Coins by market cap.
As per a recent report, SunPump has helped Tron to earn at least $5.4 million in revenue.
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TRX Price Performance and Market Potential: An Overview
In the last 30 days, TRX has seen an increase of 10.3%. At the start of this month, the TRX price was $0.1535. The TRX monthly chart has formed a higher-high pattern this month. On October 3, the TRX price climbed to $0.1577. On October 12, it hit another peak of $0.1624. At present, it stands at $0.1659 – at least 2.15% higher than the previous peak. In the last seven days, the market has recorded a surge of 4.4%. Notably, at least a 1.8% increase has been registered in the last 24 hours alone.
In conclusion, Tron’s rapid growth, expanding ecosystem, and efficient network design position it well for future gains.
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