While declines were observed in altcoins led by Bitcoin, Tron (TRX) became the second most profitable altcoin with an increase of up to 12%.
While this rise was driven by important developments in the Tron ecosystem, the TRX price exceeded approximately $0.16, reaching its highest level since May 2021.
Why Did Tron (TRX) Rise?
According to experts, this rise was driven by Justin Sun’s legal victory against the SEC and the launch of the SunPump meme coin platform.
Justin Sun’s victory against the SEC boosted investor confidence, leading to increased TRX accumulation.
The launch of the SunPump memecoin platform increased activity on the Tron network and increased demand for TRX.
The introduction of SunPump has resulted in a significant increase in on-chain transactions on the Tron blockchain.
Notably, Tron’s network activity increased by 124%, with transaction volumes between $100 and $10,000 reaching $100 million, while transactions between $1,000 and $10,000 exceeded $50 million. This increase in transaction activity is a strong indication that user participation on the Tron blockchain is growing.
The TRX rally appears to be driven more by the SunPump launch, as according to Dune Analytics, more than 19,000 memecoins have been created on SunPump since its launch on August 9, generating a total of 7,080,777 TRX (roughly $1.12 million).
SunPump’s biggest revenue day to date was August 20, when over 6,000 memecoins were created, generating approximately 2.78 million TRX or $400,000 in revenue.
The Tron founder said on August 20 that SunPump went down after experiencing “unprecedented traffic” and that developers “urgently scaled” to restore the service, with the platform coming back online about an hour later.
Following the overwhelming response to SunPump, Justin Sun revealed that several major memecoin community leaders are interested in migrating to TRON, but did not reveal their names.
Tron (TRX) Breaks Records!
Tron hits all-time high on August 20, generating over $3.88 million in protocol revenue
Tron reached an all-time high of over $3.88 million ($3,887,103) in protocol revenue on August 20, up 99.48% from the previous day, according to TRONSCAN data.
The increase is mainly due to the recent popularity of memecoin platform SunPump.
These positive developments in the Tron network, in addition to TRX, also increased the price of BitTorrent (BTT), which is in the Tron ecosystem. BTT became the altcoin that gained the most, rising by 17.3% in the last 24 hours.
*This is not investment advice.
