Tron is leading the altcoin transaction volume dominance level per data from CryptoQuant.
Blockchain analytics platform CryptoQuant has spotted some unusual activity on the Tron Network. On October 30, compared to the likes of TON TON $3.10 24h volatility: 2.1% Market cap: $7.96 B Vol. 24h: $138.58 M , Polygon [NC], and Arbitrum ARB $0.48 24h volatility: 5.5% Market cap: $2.56 B Vol. 24h: $250.00 M , Tron’s TRX $0.34 24h volatility: 1.7% Market cap: $31.76 B Vol. 24h: $646.92 M transaction dominance rose to 43%. This shows that the platform is sustaining its popularity. For the entire month of October, Tron single-handedly handled 230 million transactions.
October 24th marked one of the days it saw a notable spike, with 10.46 million transactions. This value is 25% above the 30-day moving average. Before now, Tron has established itself in the crypto industry as a leader in terms of transaction volume. The situation only changed between August 25th and October 5th, when TRON’s dominance dipped slightly.
Memecoin Mania Sponsors Tron Success
On-chain data suggests that the drop resulted from activities on other networks. However, based on historical data, this recent rebound could last a very long time. Analyst and market watcher JA Maartunn on X is convinced that Tron will likely remain the most popular chain among altcoins. It is worth noting that the presence of SunPump is instrumental to Tron’s growth.
TRON Transaction Dominance (%) Rises to 43%
"The #TRON Network is regaining popularity, as seen in its share of total transactions across major altcoin blockchains, shown in red (🔴).
Over recent days, $TRON has been the leading alt-chain for transaction processing.
On… pic.twitter.com/Ugdk4L6XO8
— CryptoQuant.com (@cryptoquant_com) November 1, 2024
This meme coin launchpad has launched over 90,800 meme coins on the Tron network, leading to a 487% rise in platform activity. At some point in August, more than 7,500 tokens were launched in a single day. It is little wonder that the sharp increase strengthened Tron’s quarterly revenue to $151.2 million. According to a Messari report, the network’s Q3 earnings jumped 30% from the previous quarter.
Significantly, this shows Tron’s commitment, adaptability, and resilience. Although the hype on SunPump has tapered down since August, it has attracted many meme coin creators and traders to the Tron Network. The evidence of these actions is higher platform fees and additional income from the token and USDT transfers.
The platform’s ability to sustain high transaction volumes while managing a diverse range of tokens speaks volumes about its robust infrastructure and user trust. Also, the meme coin mania in the broader crypto world has spurred the growth of the Tron Network.
TRX Price Expected to Reach $0.3
This recent development with Tron transaction dominance spotlights TRX, the protocol’s native token. Experts and market observers are concerned about TRX’s potential price movement.
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.
These analysts believe that any break above the current level could trigger further gains for TRX. The cryptocurrency’s optimistic prediction is set at around $0.21 and potentially $0.30.
Though it is presently facing a decline, Tron’s market capitalization has climbed to $14.49 billion. Its trading volume is positive, confirming investors’ interaction and confidence in the ecosystem.
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