TRON, with its native token TRX, has been on a tear in the last few months, with its impressive market cap growth. Based on Messari’s tracking for Q3 2024, TRX’s market capitalization increased by 24%, from nearly $11 billion to $13.5 billion. This marks the seventh consecutive quarter in which the token has increased its circulating market cap, pushing the company into the Top 10 biggest cryptos by market cap.
TRX’s price surge also extended to TRX/BTC pairing, which also notched a 25% increase. The token sits below XRP and Dogecoin in the list of top cryptos by market cap. It is powered primarily by USDT transactions and is launching on SunPump, the first ‘meme fair and online platform’.
TRON Gets A Boost From SunPump
The TRON network saw a massive increase in transaction volume in the third quarter thanks to the launching of SunPump. According to reports, TRX transactions increased 29% this third quarter to $151 million. In August alone, over 270 million TRX valued at $42 million was burned on SunPump. It’s considered the largest single-day burn for TRON. As a deflationary token, TRX is burned every time it’s used in a transaction to prop up its value.
TRON Supply Dips In Q3
TRON sets a fixed supply of 100 billion coins to protect its value and prevent inflation. TRX’s market supply dipped from 87.20 billion in the third quarter to 86.62 billion. The network’s burning schedule, which outpaces the minting of new tokens, supports this. In short, TRX’s annualized inflation rate hit -2.7% compared to -2.4% from the previous quarter.
TRON strives to find a balance between burning and printing new tokens. The network aims to decrease the token’s circulating supply, which can benefit holders and investors. Also, the yield in staking TRX has increased 13% quarter-on-quarter, which attracts more users and investors.
Big Things Ahead For TRON
TRON is now one of the biggest cryptos by market cap, now valued at $13.5 billion. Holders and users can expect sustained growth for the network, thanks to increasing revenue, partly driven by the launching of a new meme coin fair and platform. Also, the network’s token-burning policy currently outpaces minting, thus boosting the potential value of the token.
Finally, stats from Dune suggest that over 90,000 meme coins have been launched through TRON’s network using SunPump. August 20th was the most active day, with over 7,500 coins released, highlighting the meme coins’ platform role in sustaining TRON.
Featured image from IQ.wiki, chart from TradingView
Source: NewsBTC.com
