TRX, the native currency of the TRON network, is stable at press time and trending at all-time highs. After the blowout in Q3 204, the uptrend remains in place, and buyers are confident that there will be more gains in the coming days.
Tron settles approximately $100 billion USD in volume on-chain
The outlook is partly driven by increased on-chain activity and shifts in cryptocurrency market sentiment following changes in monetary policy in the US.
According to IntoTheBlock DataThe Tron network settled nearly $100 billion in on-chain trading volume last week. The blockchain analysis platform noted that the spike in on-chain volume was due to a rise in on-chain activity.
With the blockchain processing more than $98 billion in trading volume in seven days, IntoTheBlock data shows that Tether (USDT) transfers dominated. according to TranscanTron manages over $61 billion in USDT.
It is worth noting that more than 50% of all USDT transfers start from Tron, which is relatively cheaper and more scalable than Ethereum. Even with the advent of Ethereum’s second layer solutions, USDT on Tron dominates and is favored.
Merging IntoTheBlock data also reveals that TRX transfers are next, accounting for 2.6% of the total on-chain trading volume over the past week. Other TRC-20 tokens in the top five include SUN, BitTorrent, and JUST. These are the tokens that serve as the most important DeFi protocols on Tron.
Meme coin activity pushes TRX higher?
Interestingly, although the meme activity has been gaining momentum following the launch of SunPump in mid-August, none of these meme tokens have made it into the top five. On August 13, TRON co-founder Justin Sun launched SunPump, sparking a coin craze.
Dune analysis data reveals SunPump has generated over $5.3 million in revenue with over 86,400 meme coins launched through the meme launchpad. Currently, more than 1,640 SunPump tokens are listed on Sunswap.
Although the meme coin mania has faded, both TRX and SunDog — a prominent meme coin released by SunPump — have benefited. As of Sept. 26, SunDog was flat, up more than 720% from its August 2024 lows, according to Koenjiku.
From the chart, TRX is down about 10% from its all-time highs. Despite the downturn over the past few trading weeks, the uptrend remains in place. A break above $0.15 and a bullish flag, evident on the daily chart, could build momentum for a rally above the August 2024 highs.
Featured image from Canva, chart from TradingView