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    Memecoins drove Tron network revenue to new high over Q3: Messari

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    Tron’s Q3 revenue has reached its all-time-high of $151.2 million, marking a 30% increase from the previous quarter. This surge is attributed to the boost in activity on its meme-themed token platform, SunPump. During August alone, over 270 million TRON tokens were burned, contributing to around 27% of Tron’s Q3 earnings. The most popular meme token was SunDog, with a market cap of $217 million. Tron’s market cap grew for the seventh consecutive quarter to reach $13.5 billion, peaking at $14.5 billion. Tether stablecoin on Tron also saw a 3% growth, bringing it up to $59 billion.

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    Tron’s blockchain has seen a record-breaking increase in their Q3 revenue, hitting a high of $151.2 million. This massive 30% growth from the last quarter is mostly thanks to the activity on their meme-themed token platform, SunPump.

    SunPump was swarmed with contributors during Q3, with over 89,000 tokens being launched in a short time. This wildfire-spreading meme token craze caused a massive 487% rise in transactions on Tron’s decentralized finance system.

    Starting from mid-August, the action on SunPump went gangbusters. From just the 16th to 31st of August alone, over 270 million TRON tokens (also known as TRX tokens) were burned. This ended up netting around $42 million, supplying almost 27% of Tron’s Q3 earnings.

    On the best day ever recorded, August 20th, more than 7,500 SunPump tokens were launched. The record for burning TRX tokens also got shattered the very next day.

    The meme token frenzy did slow down a bit in September, with daily SunPump launches going below 1,000.

    Among all the meme tokens birthed from SunPump, SunDog got the most love, boasting a whopping $217 million market cap. Tron Bull and Invest Zone also got considerable attention from the trading crowd.

    TRX’s market cap kept growing for the seventh consecutive quarter, seeing a 24% hike to reach $13.5 billion by the end of Q3. In the midst of the SunPump madness, it even peaked once at $14.5 billion.

    TRX stayed deflationary in Q3, with a net burning of 587.6 million tokens. Tron also saw an increase in its average daily transaction count and daily active addresses for this quarter, rising 14.4% and 6% respectively.

    By the end of Q3, Tron had about $8.1 billion locked in their decentralized finance protocols. But that has since deflated to $6.98 billion. Tron’s all-time high was $10.4 billion, achieved back on March 12, 2024.

    Lastly, the market cap of the Tether stablecoin on Tron saw a small 3% growth for this quarter, reaching up to $59 billion. This constitutes around half the market cap of Tether across all the chains it supports. As for the TRX token, it’s been trading at a stable rate of $0.16 in the past 24 hours.

    Source: Cointelegraph

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