Tron is making waves in the crypto world with incredible growth over the past ten months. Its new memecoin launchpad, SunPump, has helped launch over 90,823 tokens, sparking a massive 487% increase in activity. This surge pushed Tron's blockchain quarterly revenue to a record-breaking $151.2 million, a 30% jump from the previous quarter.
With Tron's performance on the rise, many are wondering if this momentum will lead to Tron's native token (TRX) price to new heights soon.
Tron's Record-Breaking $151.2M Revenue
In August, the launch of SunPump attracted a wave of meme coin creators and traders, leading to a surge in fees for the platform. These fees are added to the usual earnings from the token and USDT transfers.
The data from Dune shows that since early August, over 90,800 meme coins have been launched on Tron through SunPump. The excitement reached its peak on August 20, with more than 7,500 tokens launched in a single day, highlighting SunPump's major role in Tron's growth.
Even though token launches slowed down in September, Tron's growth remained strong. This led to the burning of over 270 million TRX tokens, worth $42 million, which made up 27% of the quarter's revenue.
As a result, Tron's quarterly revenue hit a record $151.2 million in the third quarter, marking a nearly 30% rise from the previous quarter.
SunDog Memecoin Leads the Way
Among the many tokens launched, SunDog (SUNDOG) quickly became the largest memecoin, reaching a market cap of $217 million. This success played a big part in pushing Tron's overall market cap up by 24%, ending the third quarter at $13.5 billion.
Tron's Daily Transactions Skyrocket
In addition to the growth in token launches, Tron's blockchain recorded an average of 7.2 million daily transactions. Even though the total value locked (TVL) in DeFi dropped slightly to $6.98 billion, Tron continues to attract attention from investors and developers alike.
Tron (TRX) Price Action
As the Tron blockchain reaches new heights, many investors believe that the price of Tron coin could surge back to its previous all-time high of $0.30.
Currently, the TRX price has broken above a rising wedge pattern, facing immediate resistance at $0.172. If Tron can break above this level, it may pave the way for higher targets around $0.21 & $0.30. As of now, Tron is trading around $0.16, reflecting a slight drop over the last 24 hours.
On the other hand, if the price of Tron falls below $0.172, it could signal market weakness. In that case, the asset may find support at lower levels around $0.1540, $0.1500, and $0.1470.
