TRON Market Cap Hits Nearly $14 Billion On Strong Revenue Growth

Christian Encila

8 months ago

2 mins read

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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.

TRX market cap currently at $13.6 billion. Chart: TradingView

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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