- TRON processed nearly 230 million transactions in August, showing a 7.8% increase in network activity.
- TRON’s meme coin ecosystem faces a downturn, with SunDog and Tron Bull seeing notable declines.
The TRON network’s growth continues to be outstanding, establishing its place as one of the most active blockchain networks.
According to data from IntoTheBlock, the network conducted approximately 230 million transactions in August, up 7.8% from July. This constant increase in transaction volume demonstrates the network’s growing popularity and activity.
The @trondao network processed nearly 230 million transactions in August, marking a 7.8% increase from July. This growth highlights the continued upward momentum in the network's activity. pic.twitter.com/JT2GHvVBa1
— IntoTheBlock (@intotheblock) September 3, 2024
TRON DAO Leads with Impressive Average Transaction Size
In a tweet, Symbiosis examined the average transaction size across multiple networks, indicating that TRON DAO leads the field. Since January, the average transaction per user on the network has increased to an astonishing $12,646, suggesting high user engagement and large value transacted over the platform.
However, the meme coin ecosystem on TRON, which received a lot of attention in recent weeks, appears to be cooling down. According to prior CNF reports, Justin Sun’s meme coin, SunDog, achieved a significant breakthrough by capturing the market and expanding quickly.
Despite their initial popularity, enthusiasm for TRON’s meme token has waned. SunDog has dropped 19% in the last seven days and 70% in the last 90 days. Similarly, Tron Bull has had a decline, falling 10% in the last 24 hours and 33% in the last week. Meanwhile, SunCat, which is still up 11% in the last 24 hours, has dropped 34% in the last week.
On the other hand, TRON’s deflationary measures are yielding results. As we previously highlighted, the network burnt more than 19 million TRX, demonstrating its commitment to long-term value creation.
TRON has also enhanced network activity by expanding energy limitations, allowing for more transactions, and cutting gas rates, perhaps increasing its competitiveness and user experience.
As of this writing, TRON’s native token, TRX, is trading at around $0.1497, down 1.15% over the last 24 hours. The token’s daily trading volume is $319.63 million, indicating substantial liquidity and ongoing activity within the TRON ecosystem.
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