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- A surge in transactions, particularly around the SunPump memecoin platform, has fueled TRX’s rapid growth.
- Due to its rapid growth in the memecoin industry, Tron surpasses Cardano in market cap.
Crypto influencer Johnny recently revealed that the Tron chain has risen to the first spot in terms of revenue across the whole crypto market.
The chain produced more than $1 million in revenue in the last 24 hours, marking a watershed event for TRX and its founder, Justin Sun. They appear to have effectively carved out a new market niche, one that is generating significant returns.
Tron chain now the #1 chain in revenue in all of crypto
Generating over $1M in revenue in the last 24 hours $TRX & @justinsuntron may have found there new niche in the market pic.twitter.com/2ECgnuxOds
— Johnny (@CryptoGodJohn) August 20, 2024
TRX Surge Fueled by SunPump Memecoin Buzz
TRX has been gaining incredible traction. Over the last 24 hours, daily transaction volume has increased by more than 120%, sending TRX’s price up by a significant 10.83% to $0.1592.
TRX is currently the top gainer, demonstrating its great performance. Furthermore, TRX has maintained a bullish structure over the last 30 days, strengthening its bullish trend.
The hype around TRX is not without reason. Just yesterday, our prior report highlighted a 124% surge in TRON DAO transactions, much of which can be attributed to the buzz around the SunPump memecoin platform.
This spike in activity has not only pushed TRX’s price higher, but has also let Tron overtake Cardano in market value, underscoring its meteoric expansion in the memecoin space.
However, despite this euphoric enthusiasm, market analysts have issued cautionary signs. TRX’s Relative Strength Index (RSI) indicates that the crypto is “overbought,” according to CryptoQuant statistics.
With 91% of TRX’s price movement in the last two weeks heading upward, there is a possibility of a trend reversal. This means that, while TRX has experienced a tremendous run, investors should be wary of any hints of a fall.
In addition, the Stochastic indicator indicates a “Neutral” situation, implying that the current price is moderately positioned between the peak and lowest ranges of the previous two weeks. This neutral attitude presents a balanced view of TRX’s current market position, which is neither too high nor too low but rather in equilibrium.
In addition to market dynamics, there has been tremendous Tether activity on the Tron network. According to previous reports from CNF, Tether recently issued an additional $1 billion in USDT on the Tron blockchain, bringing the total amount of USDT issuance over the previous year to more than $33 billion.
The majority of this issuance took place on the Tron network, demonstrating its growing relevance in the stablecoin market.
The recent increase in Tether’s USDT issuance has been closely connected to market rebounds, particularly after Bitcoin’s recent drop, implying that Tron plays an important role in stabilizing the broader crypto market during tumultuous moments.
