TRX, the native currency of the Tron network, is stable at the time of writing and is around an all-time high. After the explosion in Q3 204, the uptrend continues and buyers are confident that there will be more gains in the coming days.
Tron controls nearly $100 billion in on-chain volume
The outlook is partly due to growing on-chain activity and shifts in crypto market sentiment following changes in monetary policy in the United States.
According to IntoTheBlock factsthe Tron network handled nearly $100 billion in on-chain volume in the past week. The spike in on-chain volume, the blockchain analytics platform notes, is due to increasing on-chain activity.
With the blockchain processing more than $98 billion in trading volume in seven days, data from IntoTheBlock shows that Tether (USDT) transfers dominated. According to TronScanTron manages over $61 billion in USDT.
Notably, more than 50% of all USDT transfers are initiated from Tron, which is relatively cheaper and more scalable than Ethereum. Even with the rise of Ethereum layer 2 solutionsUSDT on Tron dominates and is preferred.
The combination of IntoTheBlock data also shows that TRX transfers are next, representing 2.6% of all on-chain volume over the past week. Other TRC-20 tokens in the top five are SUN, BitTorrent and JUST. These are tokens that prime some of the best DeFi protocols on Tron.
Meme Coin Activity to Drive TRX Higher?
Interestingly, while meme coin activity is gaining momentum following the launch of SunPump in mid-August, none of these meme coin tokens cracked the top five. On August 13, Tron co-founder Justin Sun launched SunPump, sparking a meme coin frenzy.
Dune Analytics data reveals that SunPump has generated over $5.3 million in revenue as over 86,400 meme coins have been launched through the meme coin launch platform. Currently, there are over 1,640 SunPump tokens listed on Sunswap.
Although the meme coin mania has died down, TRX and SunDog – a top meme coin issued by SunPump – have benefited. As of September 26, SunDog is stable, up more than 720% from its August 2024 low, according to Coingecko.
The chart shows that TRX is down about 10% from its all-time high. Despite the contraction of recent trading weeks, the upward trend continues. A break above $0.15 and the bull flag clearly visible on the daily chart could build momentum for a rise above the August 2024 highs.
Feature image from Canva, chart from TradingView