Originally published on: October 18, 2024
Tron’s revenue hit a new record high of $151.2 million in the third quarter, driven by the launch of memecoins on SunPump, according to Messari. The frenzy of memecoins saw over 89,000 tokens launched on SunPump between Aug. 12 and Sept. 30, leading to a 487% increase in Tron’s decentralized finance transactions over the quarter.
During this period, over 270 million TRX tokens were burned, generating approximately $42 million and accounting for nearly 27% of Tron’s Q3 revenue. The launch of more than 7,500 SunPump tokens in a single day on August 20 set a new record, while Tron saw its highest token burn on August 21.
Although the number of new tokens launched on SunPump decreased in September, some memecoins like SunDog (SUNDOG), Tron Bull (TBULL), and Invest Zone (IVFUN) continued to see high trading volumes. The circulating market cap of TRX also increased by 24% to $13.5 billion by the end of Q3.
Despite a slight decline in decentralized finance protocols value locked on Tron, Tron’s financial metrics remained strong in Q3. The average daily transaction count increased by 14.4% to 7.2 million, and average daily active addresses rose by 6% to 2.1 million.
Overall, Tron’s revenue surge fueled by memecoins has positioned the network as a thriving player in the blockchain space. Stay tuned for more updates on Tron’s growth and development in the world of cryptocurrencies.
