Tron Leads Altcoin Transaction Volume Dominance Level, Will TRX Price Hit $0.3?

Blockchain analytics platform CryptoQuant has spotted some unusual activity on the Tron Network. On October 30, compared to the likes of TON

Blockchain analytics platform CryptoQuant has noticed some unusual activity on the Tron Network. On October 30, Tron’s transaction dominance rose to 43%, outpacing platforms like TON, Polygon, and Arbitrum.

This dominance showcases the platform’s enduring popularity. Tron processed an impressive 230 million transactions throughout October.

One day that stood out was October 24th, when Tron saw a remarkable spike with 10.46 million transactions, which is 25% higher than the 30-day moving average.

Tron has consistently maintained its lead in transaction volume among altcoins. This dominance slipped slightly between August 25th and October 5th.

On average, Tron handles 3 to 4 times more transactions than Ethereum, despite having lower gas fees and faster transaction speeds.

The analysis of on-chain data suggests that the Tron Network’s reduced activity during the August 25th to October 5th period was largely due to increased activities on other networks.

However, based on historical data, this recent Tron rebound could be very long-lasting.

Analyst and market watcher JA Maartunn on X is optimistic about Tron remaining the most popular chain among altcoins. It is important to note that the presence of SunPump has been pivotal in Tron’s growth.

This meme coin launchpad has launched over 90,800 meme coins on the Tron network, which led to a 487% rise in platform activity. At one point in August, over 7,500 tokens were launched in a single day.

Unsurprisingly, this sharp increase also boosted Tron’s quarterly revenue to a hefty $151.2 million. According to a Messari report, the network’s Q3 earnings rose 30% from the previous quarter.

This performance highlights Tron’s adaptability, resilience, and commitment. While the hype on SunPump has died down since August, it attracted many meme coin creators and traders to the Tron Network.

The presence of these actions is evident in higher platform fees and additional income from the token and USDT transfers.

The platform’s ability to sustain high transaction volumes while managing a diverse range of tokens attests to its robust infrastructure and user trust. Additionally, the meme coin mania in the broader crypto world has fueled the growth of the Tron Network.

This recent development with Tron transaction dominance puts the spotlight on TRX, the protocol’s native token. Experts and market observers are keeping a close eye on TRX’s potential price movement.

The crypto is currently trading at $0.1674 after losing 0.93% of its value in the last 24 hours. At this trading price, TRX has broken out of a rising wedge pattern, with immediate resistance at $0.172.

Any successful break above the current level could trigger further gains for TRX. The cryptocurrency’s optimistic prediction is set at around $0.21 and potentially $0.30.

Although TRX is currently experiencing a slight decline, the Tron market capitalization has risen to $14.49 billion. Its trading volume is positive, indicating investors’ interaction and confidence in the ecosystem.