Tron Network transactions continue to grow in 2024

The Tron network experienced significant growth in October. Chain data reveals that transactions on Tron reached 238.6 million in October, up 8.15% from September’s figure.

This coincided with an increase in revenue due to the launch of SunPump and the subsequent traction of meme coins.

Tron transaction growth

According to the latest finding from blockchain monitoring platform Lookonchain, this surge on the Tron network marks the eighth consecutive month of transaction growth.

Notably, on October 24, Tron also recorded a one-year high in daily transactions, with 10.46 million. The following days maintained similar high engagement as daily transactions remained consistently above 6.5 million.

CryptoQuant further validated the sentiment in its recent analysis, which reported that the Tron network is experiencing a resurgence in popularity, as evidenced by the rising share of total transactions among the major altcoin blockchains.

As of October 30, Tron accounted for 43% of transactions on these networks, solidifying its position as the leading alternative chain for transaction processing. This increase mirrored Tron’s previous performance in 2024, where it consistently led in transaction volume.

Although there was a slight decline in dominance from August 25th to October 5th due to increased activity on competing networks, Tron’s transaction share has recovered and historical trends suggest that it is likely to remain a dominant player among altcoins moving forward.

Meme coins take center stage

Meme coins have been one of the main drivers of Tron network activity throughout 2024. Data from CoinGecko revealed that the market cap of meme coins on the network is currently around $205 million. These assets also contributed significantly to Tron’s October earnings.

As previously reported, Tron’s revenue saw a sharp increase in the third quarter of this year, largely due to SunPump, a token launch platform focused on meme coins. In fact, SunPump activity soared after August 16th, with more than 270.3 million TRX burned between then and August 31st, representing nearly 27% of Tron’s Q3 revenue . On August 21st, a record 34.7 million TRX was even burned, the highest daily total in Tron history.

The launch of SunPump also increased the average daily decentralized exchange (DEX) volume on Tron, which increased by 150% in the third quarter.

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