8th Month in a Row: Tron Network’s Transactions Continue to Grow in 2024

The Tron network witnessed significant growth in October. On-chain data reveals that transactions on Tron reached 238.6 million in October, an 8.15% rise from September’s figure.

This coincided with a surge in revenue owing to SunPump’s launch and the subsequent meme coin traction.

Tron’s Transaction Growth

According to blockchain tracking platform Lookonchain’s latest finding, this surge on the Tron network marks the eighth consecutive month of transaction growth.

Particularly on October 24th, Tron also saw a one-year high in daily transactions, with 10.46 million. The following days maintained similar high engagement as daily transactions consistently remained above 6.5 million.

CryptoQuant further validated the sentiment in its recent analysis, which reported that the Tron network is experiencing a resurgence in popularity, as evidenced by the rising share of total transactions among major altcoin blockchains.

On October 30th, Tron accounted for 43% of transactions across these networks, solidifying its position as the leading alt-chain for transaction processing. This uptick mirrored Tron’s earlier performance in 2024, where it consistently led in transaction volume.

While there was a slight decline in dominance from August 25th to October 5th due to increased activity on competing networks, Tron’s transaction share has rebounded, and historical trends suggest it is likely to remain a dominant player among altcoins moving forward.

Meme Coins Take Center Stage

Meme coins have been a major driver of activity on the Tron network throughout 2024. Data from CoinGecko revealed that the meme coin market cap on the network is currently around $205 million. These assets have significantly contributed to Tron’s October revenue as well.

As reported earlier, Tron’s revenue saw a sharp increase in Q3 of this year, largely due to SunPump – a token launch platform focused on meme coins. In fact, SunPump’s activity skyrocketed after August 16, with over 270.3 million TRX burned between then and August 31, representing nearly 27% of Tron’s Q3 revenue. August 21 even saw a record 34.7 million TRX burned – the highest daily total in Tron’s history.

SunPump’s launch also boosted the average daily decentralized exchange (DEX) volume on Tron, which surged by 150% in Q3.

Source : CryptoPotato - Nov 6, 2024