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. Related Reading: 100% Uptick For Shiba Inu? Experts Eye Global Reversal As Catalyst 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. Related Reading: Analysts On Bitcoin: 2024 US Election Could Steer The Crypto’s Future 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
NewsBTC
You can visit the page to read the article.
Source: NewsBTC
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Trump Refers to Polymarket as ‘Poly-Poll’: ‘We’re Doing Really Well’
Presidential candidate Donald Trump recently acknowledged the existence of the crypto-based prediction market platform Polymarket. In a video posted on Polymarket’s X account, Trump referred to the platform as “a new phenomenon gambling poll,” mistakenly calling it Poly-Poll.” “I’ve never heard of it,” Trump stated, while someone in the audience corrected him about the platform’s NewsBTC
Trump’s Husky (TRUMHUSK) Memecoin Will Surge 15,000% Before Exchange Listings, While Shiba Inu and Dogecoin Lag
Trump’s Husky could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did. Trump’s Husky (TRUMHUSK), a new Solana memecoin that was launched today, is set to explode over 15,000% in price in the coming days. This is because TRUMHUSK is set to soon be listed on numerous crypto exchanges, according to reports. This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up. Currently, Trump’s Husky can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to NewsBTC