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Tron’s memecoin launchpad SunPump has driven the blockchain’s quarterly revenue to a record high of $151.2 million across the third quarter, a nearly 30% quarter-on-quarter bump, says Messari.
A memecoin frenzy saw over 89,000 tokens launched on SunPump between Aug. 12 and Sept. 30 and led to Tron’s decentralized finance transactions gaining by 487% over Q3, Messari <a data-ct-non-breakable="null" href="https://messari.io/report/state-of-tron-q3-2024?utm_source=twitter&amp;utm_medium=organic_social&amp;utm_campaign=q3_quarterly&amp;utm_content=state_of_tron_q3_2024&amp;destination=protocol_services_research" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> in an Oct. 17 <a data-ct-non-breakable="null" href="https://messari.io/report/state-of-tron-q3-2024?utm_source=twitter&amp;utm_medium=organic_social&amp;utm_campaign=q3_quarterly&amp;utm_content=state_of_tron_q3_2024&amp;destination=protocol_services_research" rel="noopener noreferrer nofollow" target="null" text="null" title="null">report</a>.
<blockquote>
 “SunPump activity began picking up on August 16 and proceeded to go parabolic over the following two-week period.”
</blockquote>
Between Aug. 16 and 31, over 270 million TRON (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tron-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TRX</a>) tokens were burned, generating around $42 million —&nbsp;nearly 27% of Tron’s Q3 revenue, Messari noted.
A daily record of more than <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/memecoin-deployer-sunpump-1m-revenue-days-after-launch" rel="noopener noreferrer nofollow" target="null" text="null" title="null">7,500 SunPump tokens</a> launched on Aug. 20, while <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sunpump-flips-pumpfun-daily-revenuetoken-creation" rel="noopener noreferrer nofollow" target="null" text="null" title="null">more TRX was burned</a> on Aug. 21 than on any other day in the network’s entire existence, the blockchain analytics firm added.
<figure><img alt="Tron, Stablecoin, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-10/01929d54-2766-7853-bd3c-8c9125b38f61" title="">
 <figcaption style="text-align: center;">
 Tokens launched on SunPump from Aug. 12 to Sept. 30. Source: Messari
 </figcaption>
</figure>
However, the number of new tokens launched on SunPump dropped drastically in September to consistently less than 1,000 a day.
SunDog (SUNDOG) is the largest memecoin to come from SunPump with a $217 million market cap, while Tron Bull (TBULL) and Invest Zone (IVFUN) have also seen high trading volumes.
The circulating market cap of TRX also increased for the seventh straight quarter by 24% to $13.5 billion by the end of the third quarter.
Near the peak of the SunPump craze, it reached $14.5 billion, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/tron" rel="noopener noreferrer nofollow" target="null" text="null" title="https://www.coingecko.com/en/coins/tron">data</a> shows.
TRX also remained deflationary in Q3 with a net burn of 587.6 million tokens.&nbsp;
Tron’s average daily transaction count increased 14.4% to 7.2 million over the quarter, while average daily active addresses rose 6% to 2.1 million.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/tron-bitcoin-layer-2-roadmap-wrapped-tether-usdt" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Tron’s Bitcoin layer-2 plan could see ’wrapped’ USDT flow into Bitcoin</a>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-is-total-value-locked-tvl-in-crypto-and-why-does-it-matter" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Total value locked</a> (TVL) in Tron decentralized finance protocols was $8.1 billion by Q3’s end but has since slid to $6.98 billion, DeFiLlama <a data-ct-non-breakable="null" href="https://defillama.com/chain/Tron" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a> shows.
<figure><img alt="Tron, Stablecoin, Memecoin" src="https://s3.cointelegraph.com/uploads/2024-10/01929d53-620f-735b-8808-e74bb83c8b68" title="">
 <figcaption style="text-align: center;">
 Key financial metrics for TRON in Q3. Source: Messari
 </figcaption>
</figure>
Tron’s TVL is now 32.8% off its all-time high of $10.4 billion notched on March 12, 2024.&nbsp;
The market cap of the Tether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/tags/tether" rel="noopener noreferrer nofollow" target="null" text="null" title="null">USDT</a>) stablecoin on <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-tron-trx-and-how-does-it-work-a-beginners-guide" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Tron</a> increased 3% over the quarter to nearly $59 billion in Q3 and is still accounting for around half of USDT’s market cap across the several chains Tether supports.
TRX has traded flat at $0.16 over the last 24 hours.
Magazine:<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-etf-coinbase-honeypot-hackers-government-trezor-ceo/" rel="noopener noreferrer nofollow" target="null" text="null" title="null"> Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO</a>

Memecoins drove Tron network revenue to new high over Q3: Messari

Cointelegraph

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