TRON Market Cap Hits Nearly $14 Billion On Strong Revenue Growth
2024年10月20日 - 5:00PM
NEWSBTC
TRON, with its native token TRX, has been on a tear in the last few
months, with its impressive market cap growth. Based on Messari’s
tracking for Q3 2024, TRX’s market capitalization increased by 24%,
from nearly $11 billion to $13.5 billion. This marks the seventh
consecutive quarter in which the token has increased its
circulating market cap, pushing the company into the Top 10 biggest
cryptos by market cap. Related Reading: 100% Uptick For Shiba Inu?
Experts Eye Global Reversal As Catalyst TRX’s price surge also
extended to TRX/BTC pairing, which also notched a 25% increase. The
token sits below XRP and Dogecoin in the list of top cryptos by
market cap. It is powered primarily by USDT transactions and is
launching on SunPump, the first ‘meme fair and online platform’.
TRON Gets A Boost From SunPump The TRON network saw a massive
increase in transaction volume in the third quarter thanks to the
launching of SunPump. According to reports, TRX transactions
increased 29% this third quarter to $151 million. In August alone,
over 270 million TRX valued at $42 million was burned on SunPump.
It’s considered the largest single-day burn for TRON. As a
deflationary token, TRX is burned every time it’s used in a
transaction to prop up its value. TRON Supply Dips In Q3 TRON sets
a fixed supply of 100 billion coins to protect its value and
prevent inflation. TRX’s market supply dipped from 87.20 billion in
the third quarter to 86.62 billion. The network’s burning schedule,
which outpaces the minting of new tokens, supports this. In short,
TRX’s annualized inflation rate hit -2.7% compared to -2.4% from
the previous quarter. TRON strives to find a balance between
burning and printing new tokens. The network aims to decrease the
token’s circulating supply, which can benefit holders and
investors. Also, the yield in staking TRX has increased 13%
quarter-on-quarter, which attracts more users and investors.
Related Reading: Analysts On Bitcoin: 2024 US Election Could Steer
The Crypto’s Future Big Things Ahead For TRON TRON is now one of
the biggest cryptos by market cap, now valued at $13.5 billion.
Holders and users can expect sustained growth for the network,
thanks to increasing revenue, partly driven by the launching of a
new meme coin fair and platform. Also, the network’s token-burning
policy currently outpaces minting, thus boosting the potential
value of the token. Finally, stats from Dune suggest that over
90,000 meme coins have been launched through TRON’s network using
SunPump. August 20th was the most active day, with over 7,500 coins
released, highlighting the meme coins’ platform role in sustaining
TRON. Featured image from IQ.wiki, chart from TradingView
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