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The Tron Network’s bullish outlook is largely attributed to its newly encountered meme coin hype.
Last month, the Tron Network experienced an impressive revenue rise. The layer 1 blockchain’s monthly revenue increased by 46.5%, from $41.9 million in July to $61.4 million in August. This is a significant feat for the Tron Network, especially when compared to top blockchains like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Tron at Second Place after Ethereum
There is an unwritten competition among layer 1 blockchains that spans multiple metrics. The recent Tron outperformance is crucial, especially when matched with its rivals within the ecosystem.
According to blockchain analytics platform Lookonchain, Ethereum recorded $62.61 million in revenue, a notable drop of 33.44% from July’s $94 million. At this level, the Tron Network still came in second place. Bitcoin registered a 16.85% drop and moved from $24.92 million in August to $20.72 million in August.
Solana’s gas revenue went from $49.89 million to $25.69 million within 30 days. Its current value confirms a drop of approximately 48.51%. Binance Smart Chain had a monthly gas revenue of $11.2 million in August, indicating a 6.6% increase from $10.5 million in July.
The #TronNetwork’s gas revenue saw a 46.54% increase in August.
Compared to July, #BSC's gas revenue also saw a 6.63% increase in August, while gas revenue of #Ethereum dropped 33.44%, #Solana dropped 48.51%, and #Bitcoin dropped 16.85%. pic.twitter.com/HChuiq17uB
— Lookonchain (@lookonchain) September 3, 2024
The outlook for their gas revenue is not the only metric where Tron has exhibited resilience and supremacy compared to its counterparts. In terms of price, TRX is the only token from the list that registered a price surge over the past 30 days. Its market value surged by 22% during this time, while Bitcoin’s price fell by 4.4% and ETH by 16%.
On August 22, Tron’s price spiked, and its daily revenue reached an all-time high (ATH) of $5.33 million, surpassing Ethereum.
Memecoin Activities Triggers Tron Network’s Bullish Outlook
The Tron Network’s bullish outlook is largely attributed to its newly encountered meme coin hype. SunPump, a new meme coin deployer on the Tron blockchain, has recorded impressive adoption and financial success. This has notably rippled to the underlying Tron Network. Just 11 days after it launched, Dune Analytics highlighted that it generated over $1.1 million in revenue, an equivalent of 7 million TRX.
Around the same period, SunPump outpaced its Solana-based counterpart, Pump.Fun, in daily activity and revenue generation. While 7,351 new tokens were created on SunPump and $585,000 in revenue was generated within a single day, only 6,701 new tokens and $366,000 in revenue were recorded on Pump.fun during the same period.
This outlook suggested that the meme coin deployer gained significant traction amongst investors and traders.
At some point last month, the Tron community had to raise the network’s energy cap to 120 billion to accommodate the Sun Pump frenzy. Justin Sun, the founder of the blockchain, stated that the expansion would reduce network traffic pressure and lower transaction costs as coin projects grow on the platform.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
