The Tron network has witnessed a notable spike in activity, driven by the launch of SunPump, a memecoin creation tool built on its blockchain. Data from IntoTheBlock reveals that transactions on the network valued between £80 and £8,000 have surged by an impressive 124%.
This upward trend emerged on Tuesday, two days following the release of the SunPump Beta on 13 August. On Saturday, transactions between £80 and £800 exceeded £80 million, while those between £800 and £8,000 surpassed £40 million.
The increased activity can be attributed to Tron's competitive transaction fees, which have encouraged users to launch memecoins on the network. Consequently, Tron recently achieved a yearly high in the number of settled transactions, reflecting a significant increase in adoption.
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The SunPump Craze Continues
The SunPump phenomenon, reminiscent of Pump.fun's impact on the Solana network, has driven a surge in daily usage on Tron. This is evident in the sharp increase in transactions valued between £80 and £8,000.
Since SunPump's launch, over 12,200 new tokens have been deployed on the Tron network. The highest number of memecoin creations occurred on 19 August, with approximately 4,450 tokens launched on that day alone. At the time of writing, users had created over 700 tokens, exceeding the daily creation rates observed between 13 and 15 August.
This influx of users has generated substantial token launch revenue for SunPump. Data from Dune shows that the platform has earned 4,234,066 TRX (£548,368) in launch revenue. Notably, launch activities on Monday alone contributed 1,450,925 TRX (£197,040), representing approximately 34% of the total revenue.
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Tron Overtakes Cardano
The heightened on-chain activity has positively impacted the price of TRX, boosting it by over 14% in the past seven days. This growth has propelled TRX past Cardano's native token, ADA, in the market cap rankings.
With a market capitalisation of £10.6 billion, Tron has entered the top 10 largest crypto assets, replacing ADA in eleventh place. TRX has seen a 6.5% increase in the past 24 hours, trading at £0.122 at the time of writing.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The views expressed in this article are the author's own and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.