Tron (TRX) Price Shows Resilience Amidst SunPump Ecosystem Tokens Retreat

The price of Tron (TRX) showed resilience on Saturday, September 21, remaining stable as SunPump ecosystem tokens experienced a significant retreat.

The price of Tron (TRX) remained largely stable on Saturday, September 21, as SunPump ecosystem tokens experienced a significant retreat.

At the time of writing, TRX had risen by 0.15% to $0.1520, according to data from CoinGecko. This price is slightly higher than the recent low of $0.1467 but still around 11% below the year-to-date peak.

SunPump Meme Tokens Slide

Data from CoinGecko showed that SunPump’s meme coins have seen notable declines in recent days. Sundog (SUNDOG), the largest token in this ecosystem, dropped 11.1% over the past week to $0.30, bringing its market capitalization to $305 million.

Other tokens, including Tron Bull (-8%), Muncat (-35%), SunWukong (-10%), and Suncat (-37%), also saw steep declines during the same period.

As a result, the total market cap of all meme coins within Tron’s ecosystem fell from over $560 million to $514 million.

Moreover, the total seven-day trading volume for meme coins on Tron dropped from $20 million to $16 million, impacting the overall DEX volume on the network.

According to data from DeFiscan, Tron’s DEX volume fell by 10% in the past seven days to $453.6 million. In comparison, rival blockchains like Solana (SOL), Binance Chain, and Sui saw their DEX volumes rise by 11%, 22%, and 70%, respectively.

Rising Transactions, Strong Network Fundamentals

While meme coin prices and DEX activity declined, Tron showed strength in other areas. Data from Nansen showed that transaction volume on the Tron network surged to over 8.2 million on Saturday, making it the highest since August 27. This volume also significantly surpassed the month’s low of 6.14 million transactions.

Additionally, Tron remained one of the most profitable blockchain networks, with network fees crossing $1.2 billion this year, second only to Ethereum’s $1.86 billion.

Furthermore, SunPump tokens have generated over $44.8 million in fees since their inception, contributing to the network’s strong performance.

Another positive development for Tron was the rebound in its staking yield, which rose to 4.97% from last month’s low of 4.35%, driven by higher gas fees and token burns during the period.

Tron’s Technical Indicators Signal Bullish Outlook

From a technical perspective, Tron appeared to be in a favorable position. The cryptocurrency formed a double-bottom pattern at $0.1466 between August and September, just above key support at $0.1455, which was also TRX’s highest swing in February this year.

The cryptocurrency also continued to hold above its 50-day moving average, with its Relative Strength Index (RSI) climbing above 50, which suggested that further price appreciation may be on the horizon. Bullish traders were likely targeting the year-to-date high of $0.1690.