Tron Flips Toncoin and Cardano, Energy Demand Doubles In 3 Months: TRX Priming For New All-Time Highs?

Tron is now in the top 10 blockchains by market cap, flipping Toncoin and Cardano. While there were initial doubts about the network dying

Tron (TRX) has quietly made its way into the top 10 blockchains by market capitalization, flipping Toncoin (TON) and Cardano (ADA) in the process. While there were initially doubts about whether Tron would be able to survive given the “superior” competitor Ethereum (ETH) in the early years, the smart contracts platform has managed to exceed expectations.

Tron Energy Demand Doubles In 3 Months

At current spot rates, TRX is poised to print fresh all-time highs, and the mainnet is also thriving. According to data from IntoTheBlock, Tron energy requirements have expanded by 100% in the past three months.

Rapid Tron Energy Increase Shows Growing Network Activity And Adoption

The rapid increase in Tron energy is an indication of growing network activity and adoption, according to experts in the field. Tron, like Ethereum and other modern chains, is energy efficient and relies on validators to process transactions.

However, in the case of Tron, energy is utilized when executing smart contracts on the mainnet. As more individuals deploy meme coins or launch decentralized finance (DeFi) dapps, the demand for the mainnet’s “fuel” also increases, pushing Tron energy to new heights.

Due to the way Tron is designed, more energy is required during periods of high demand to prevent gas fees from spiking in the event of transaction congestion.

It comes as no surprise that energy has been on the rise in recent months. Not only does Tron boast a thriving DeFi ecosystem, but it also has a vibrant meme coin scene.

Meme Coins Fuel Ecosystem Boom, Priming TRX For New All-Time Highs?

DeFiLlama shows that all Tron DeFi dapps now collectively manage over $7 billion in assets. Meanwhile, the recent launch of SunPump, a meme coin launchpad, in August has seen over 91,000 meme coins deploy on the network. Looking at Dune, over 1,700 tokens have been listed on Sunswap.

Coincidentally, the spike came with the activation of SunPump in August. As of October 24, SunPump has helped Tron generate over $5.4 million in revenue, according to data from Dune. Others came from smart contract deployments via gaming, DeFi, and other diverse dapps on the platform.

TRX is trading at around October 2024 highs at press time, defying gravity. Interestingly, despite the momentum challenges Ethereum faces, TRX, on the other hand, is less than 4% away from all-time highs. If bulls build on October 24 gains, the coin may easily break August highs, printing a new all-time high in Q4 2024.

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