bullish

Coin

Tron is currently seeing historic levels of trader interest on the backdrop of a newly launched meme coin deployer and price pump.
According to Santiment, TRX has emerged as the top trending asset in the crypto market, fueled by the debut of – SunPump – on August 12th.
<h2 id="tron-s-meme-coin-boom">Tron’s Meme Coin Boom</h2>
Since the launch, over 7,000 new coins have been created, helping to fuel the interest in the blockchain’s native token. As a result, TRX’s market price soared by 22%, which briefly neared $0.17. This surge has sparked long-term optimism, with analysts predicting mid-term bullish momentum despite short-term volatility, as per Santiment’s latest <a href="https://x.com/santimentfeed/status/1826545942796861903" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">analysis</a>.
The spike in Tron network activity, particularly in meme coin launches, has led to increased TRX burns, reflecting heightened demand and a shrinking supply. The platform’s growing status as a hub for meme coins, exemplified by the popularity of tokens like SUNDOG, has drawn parallels to past meme seasons that saw massive price rallies.
Additionally, ongoing developments and partnerships, including collaborations with hedge funds, are expected to boost visibility and trading volume for Tron-based tokens. Santiment also pointed out that Tron founder Justin Sun’s influence and reputation further boost investor confidence, driving the project’s potential for growth.
<h2 id="sunpump-growth-trajectory">SunPump Growth Trajectory</h2>
Data compiled by Dune Analytics revealed that SunPump has generated over $1.14 million in revenue since its launch. On August 20, Sun <a href="https://x.com/justinsuntron/status/1825557823897706608" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shared</a> on X that the platform went offline due to overwhelming traffic, prompting developers to scale up their operations to restore service quickly. The platform was back online within an hour.
That same day, SunPump recorded its highest revenue yet, earning nearly 2.78 million TRX.
Despite the backlash of meme coin resurgence this year and the subsequent scams and rug pulls, Sun remains optimistic on meme coins and <a href="https://x.com/justinsuntron/status/1825623048122413434" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a> that he believes the success of these tokens “isn’t by chance.”
<blockquote>
 “When every dev can build a community through a fair launch, gain everyone’s support, and foster enthusiasm and loyalty, the community can share in the success of the cryptocurrency. Who would still pay for tokens with absurd valuations pumped up by VCs to billions of USD? Even the smallest growth of a meme token brings joy and satisfaction to everyone because, with a community and decentralization, you have everything.”
</blockquote>
The post <a href="https://cryptopotato.com/is-this-why-tron-trx-tapped-3-year-peak-above-0-165/" rel="noopener noreferrer nofollow">Is This Why Tron (TRX) Tapped 3-Year Peak Above $0.165?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Is This Why Tron (TRX) Tapped 3-Year Peak Above $0.165?

Table of Contents

CryptoPotato_News

Other articles published on Aug 22, 2024

Researcher Predicts XRP Boom as Bitcoin and Ethereum’s Tether Bubble Bursts

Weekly Article Recap: 8/12-8/16

Will Gary Gensler Be Fired? Crypto Community Slams Kamala Harris For Zero Actions

‘Gangsta’s Paradise’ rapper Coolio resurrected in metaverse tribute

Shiba Inu expands ecosystem with Shiba Eternity Web3 game on Shibarium

Compliance Drives Effective Crypto Regulations

Join our free newsletter for daily crypto updates!