TLDR:
- TRON blockchain’s daily revenue reached new all-time high of $5.33 million
- SunPump memecoin generator driving surge in TRON activity and fees
- Over 25,000 tokens created on SunPump platform to date
- Justin Sun considering lowering TRON fees to boost transactions
- TRX price declined 5% despite revenue surge, trading at $0.151
The TRON blockchain has recorded a surge in activity and revenue, driven largely by the recent launch of SunPump, a memecoin generator platform.
On August 21, 2024, TRON’s daily revenue reached a new all-time high of $5.33 million, according to founder Justin Sun. This milestone puts TRON ahead of other major blockchain networks in terms of daily revenue generation.
Yesterday, TRON’s revenue reached an all-time high of $5.33 million, ranking first among all blockchains. It’s still early. Let’s keep the momentum going.
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 22, 2024
SunPump, which allows users to create and launch their own memecoins on the TRON network, has been the primary catalyst for this dramatic increase in network activity.
Since its launch, SunPump has generated over 8.4 million TRX in revenue, valued at approximately $1.39 million. The platform saw its highest single-day revenue on August 20, earning 2.78 million TRX, worth around $400,000.
The memecoin craze on TRON has led to the creation of nearly 25,200 tokens on the SunPump platform to date, according to data from Dune Analytics. In a 24-hour period, SunPump launched 7,351 tokens and generated $585,000 in revenue, outpacing similar platforms on other blockchains.
Justin Sun has attributed the success of TRON’s memecoin ecosystem to the network’s robust stablecoin liquidity.
TRON currently boasts the second-largest stablecoin supply of nearly $60 billion, accounting for 35% of the total market. Sun emphasized this as a crucial advantage, stating,
“On other blockchains, a few hundred million in stablecoins can pop out billion-dollar meme coins. Tron’s got $60 billion+, so we could see dozens of billion-dollar meme coins.”
Despite the surge in network activity and revenue, TRON’s native cryptocurrency, TRX, experienced a price decline.
After reaching a 40-month high of $0.165 on August 21, TRX faced selling pressure and dropped 5% in the following 24 hours, trading at $0.151. This correction occurred even as the global crypto market cap increased by 0.7%, reaching $2.23 trillion.
In response to the growing demand and to potentially boost network activity further, Justin Sun is considering lowering fees on the TRON blockchain.
Sun believes this move could increase daily transactions to over 20 million within three months, expanding market share and increasing profits. He is also contemplating raising the blockchain’s energy cap to encourage more users to stake TRX.
Sun projects that the TRON blockchain could generate $3 billion to $4 billion in revenue over the next 12 months.
Of this amount, $1 billion would be burned, while $2 billion would be allocated to transaction subsidies and staking rewards.
The success of SunPump and the memecoin trend on TRON has not been without controversy. Some market observers remain skeptical, citing Justin Sun’s controversial reputation in the crypto space. Concerns have been raised about the sustainability of the memecoin hype and the potential for market manipulation.
Despite these concerns, the TRON network continues to see significant growth in its user base and transaction volume.
According to data from IntoTheBlock, only 0.48% of TRX holders are currently at a loss, with the majority enjoying profits on their holdings.
About 62% of TRX addresses have been holding their investments for over a year, indicating a strong base of long-term supporters.
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