Memecoins drove Tron network revenue to new high over Q3: Messari
Tron’s memecoin launchpad SunPump has driven the blockchain’s quarterly revenue to a record high of $151.2 million across the third quarter, a nearly 30% quarter-on-quarter bump, says Messari.
A memecoin frenzy saw over 89,000 tokens launched on SunPump between Aug. 12 and Sept. 30 and led to Tron’s decentralized finance transactions gaining by 487% over Q3, Messari said in an Oct. 17 report .
“SunPump activity began picking up on August 16 and proceeded to go parabolic over the following two-week period.”
Between Aug. 16 and 31, over 270 million TRON ( TRX ) tokens were burned, generating around $42 million — nearly 27% of Tron’s Q3 revenue, Messari noted.
A daily record of more than 7,500 SunPump tokens launched on Aug. 20, while more TRX was burned on Aug. 21 than on any other day in the network’s entire existence, the blockchain analytics firm added.
Tokens launched on SunPump from Aug. 12 to Sept. 30. Source: Messari
However, the number of new tokens launched on SunPump dropped drastically in September to consistently less than 1,000 a day.
SunDog (SUNDOG) is the largest memecoin to come from SunPump with a $217 million market cap, while Tron Bull (TBULL) and Invest Zone (IVFUN) have also seen high trading volumes.
The circulating market cap of TRX also increased for the seventh straight quarter by 24% to $13.5 billion by the end of the third quarter.
Near the peak of the SunPump craze, it reached $14.5 billion, CoinGecko data shows.
TRX also remained deflationary in Q3 with a net burn of 587.6 million tokens.
Tron’s average daily transaction count increased 14.4% to 7.2 million over the quarter, while average daily active addresses rose 6% to 2.1 million.
Related: Tron’s Bitcoin layer-2 plan could see ’wrapped’ USDT flow into Bitcoin
Total value locked (TVL) in Tron decentralized finance protocols was $8.1 billion by Q3’s end but has since slid to $6.98 billion, DeFiLlama data shows.
Key financial metrics for TRON in Q3. Source: Messari
Tron’s TVL is now 32.8% off its all-time high of $10.4 billion notched on March 12, 2024.
The market cap of the Tether ( USDT ) stablecoin on Tron increased 3% over the quarter to nearly $59 billion in Q3 and is still accounting for around half of USDT’s market cap across the several chains Tether supports.
TRX has traded flat at $0.16 over the last 24 hours.
Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump and Wall Street: How long will the love affair last?
Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.
How AI could transform Germany’s economic future
Share link:In this post: Germany must innovate to stay competitive with rapid AI advancements. Germany prioritizes safety, slowing progress compared to risk-tolerant nations. Bold investments and ethical AI are key to Germany’s leadership.
How Black Ops 6 plans to stop ranked play cheating
Share link:In this post: Treyarch has addressed the cheating issues in Call of Duty: Ranked Play mode in Black Ops 6. The mode was released last week and already getting complaints of cheating. Treyarch may be increasing its workforce to deal with increasing complaints.
The clash of Bitcoin and benchmark stock indexes
Share link:In this post: The S&P 500 is up 25% this year, with financial and cyclical stocks leading, boosted by optimism around a Trump administration and steady economic growth. Bitcoin has surged 40% this month, nearing $100,000, driven by aggressive trading, retail investor enthusiasm, and headlines hinting at government support. MicroStrategy’s stock hit a $100 billion market cap, tripling its Bitcoin holdings’ value, but its wild 32% drop from intraday highs shows cracks in the frenzy.