The Tron blockchain network has recorded a surge in trading activity. Last week, it processed almost $100bn in on-chain volume. This spike comes as TRX, the network's native currency, trades near its all-time high.
Blockchain analytics firm IntoTheBlock reported the substantial increase in Tron's on-chain activity. The data shows that Tether (USDT) transfers dominated the volume, as Tron has become the preferred network for USDT transfers.
Tron currently manages over $61bn of USDT and now handles over 50% of all USDT movements. Users favor Tron for its lower costs and higher scalability compared to Ethereum. This preference persists even despite the rise of Ethereum layer-2 solutions.
TRX transfers made up 2.6% of the total on-chain volume last week. Other significant TRC-20 tokens included SUN, BitTorrent, and JUST. These tokens are central to major decentralized finance protocols on Tron.
The network has also seen increased meme coin activity. This follows the mid-August launch of SunPump by Tron co-founder Justin Sun. SunPump, a meme coin launchpad, has generated over $5.3m in revenue and has facilitated the launch of more than 86,400 meme coins.
Dune Analytics reports that over 1,640 SunPump tokens are now listed on Sunswap. While the initial meme coin frenzy has cooled, both TRX and SunDog have benefited. SunDog, a prominent meme coin from SunPump, has surged over 720% since August 2024.
TRX is currently trading about 10% below its all-time high. The overall uptrend remains intact despite recent fluctuations. A break above $0.15 could signal further upward momentum. Market analysts are watching for a potential breakout above August 2024 highs. The daily chart shows a bull flag formation: such a pattern often precedes significant price movements.
The recent surge in network activity coincides with shifts in broader crypto market sentiment. Changes in U.S. monetary policy have influenced this trend. Investors are reassessing digital assets in light of these macroeconomic developments.
Tron's performance underscores its growing importance in the cryptocurrency ecosystem. Its role in facilitating stablecoin transfers and supporting decentralized finance applications continues to expand. As the network processes unprecedented volumes, all eyes are on TRX's price action in the coming weeks.