Coinspeaker
Tron (TRX) Price Spikes Over 11% Following Emergence of Meme Coin Season
Amid the heightened crypto volatility and fear of further capitulation in the coming weeks, Tron (TRX), a top-tier layer-one (L1) blockchain with over $8 billion in total value locked (TVL) and nearly $60 billion in stablecoins market cap, has registered a shaper uptick in on-chain activity. In the past few days, the Tron network has gradually turned into a top-tier speculative chain similar to Solana (SOL) and Toncoin (TON).
According to the latest market data, TRX price surged 11.7 percent in the last 24 hours to trade at about $0.1622 on Wednesday during the mid-London session. As a result, the large-cap altcoin, with a fully diluted valuation of about $14.1 billion, saw its daily average traded volume surge by over 120 percent to about $2 billion in the past 24 hours.
Following the notable bullish breakout, TRX’s price against the US dollar is retesting 2021’s all-time high. From a technical standpoint, TRX is well-positioned to rally exponentially in the price discovery phase of the macro bull cycle.
Tron Network Welcomes Meme Coins
The Tron network has officially welcomed its meme coin season after remaining in stealth mode for the past years. In a bid to kickstart the meme coin season, the Tron network announced a $10 million ecosystem boost designed for meme coin projects.
According to Justin Sun, founder of Tron Foundation, the Sunpump protocol will serve as a crucial gateway for millions of users adopting TRX and its web3 projects.
Moreover, the Sunpump platform has set several measures to ensure users are protected from rug pulls and predatory behavior from meme coin developers.
In a bid to ensure a seamless adoption of Tron’s meme coin, the Sunpump protocol announced a strategic integration with Dexscreener, a reputable real-time DEX analytics.
Here we go! TRON is officially on @dexscreener ! You can track TRON meme tokens and get info. This milestone integrates TRON and @sunpumpmeme into the meme token community. Tomorrow, millions are expected to join the TRON meme ecosystem, and we are ready! https://t.co/bBWZkTSVCf
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 20, 2024
Still, in the early stages, Tron’s meme coin activity has attracted more attention from crypto speculative investors. As Coinspeaker explained, Sundog (SUNDOG), a dog-themed meme coin with a market cap of over $261 million and a daily average traded volume of around $38 million, had surged over 60 percent in the past 24 hours to trade about 26 cents at the time of this publication.
Rising Web3 Activity
As Coinspeaker previously reported, the Tron network has continued to lead other web3-focused blockchains in daily active addresses. Amid the notable surge in stablecoins market cap, the Tron network has significantly benefited from the process due to its collaboration with Tether (USDT).
According to the latest on-chain data, the Tron network has registered a total of more than 252 million accounts, which have transacted over 8.3 billion times. Remarkably, the Tron network has facilitated more than $13.4 trillion in core token transfers since its inception.
In the past 24 hours, the Tron network reported a total of 6.99 million transactions, primarily fueled by the meme coin mania.
Tron (TRX) Price Spikes Over 11% Following Emergence of Meme Coin Season
