8th Month in a Row: Tron Network's Transactions Continue to Grow in 2024

In October 2024, the Tron network achieved notable growth, with on-chain data indicating that transactions reached 238.6 million. This marks an 8.15% increase from September, coinciding with a boost in revenue due to the launch of SunPump and the rise of meme coins.

Continued Transaction Growth

According to data from blockchain tracking platform Lookonchain, this increase signifies the eighth consecutive month of growth for transactions on the Tron network. On October 24th, Tron recorded a one-year high in daily transactions, peaking at 10.46 million. The subsequent days maintained high engagement, with daily transactions consistently exceeding 6.5 million.

CryptoQuant corroborated this trend, reporting a resurgence in the network's popularity, as evidenced by its increasing share of total transactions among major altcoin blockchains. By October 30th, Tron accounted for 43% of transactions across these networks, solidifying its status as a leading alt-chain for transaction processing.

The Rise of Meme Coins

Meme coins have been a significant factor driving activity on the Tron network throughout 2024. Current data from CoinGecko shows that the meme coin market cap on Tron is approximately $205 million. These assets have contributed substantially to the revenue generated in October.

Tron's revenue saw a sharp increase in Q3 2024, primarily attributed to SunPump, a token launch platform focused on meme coins. Following its launch, SunPump's activity surged, resulting in over 270.3 million TRX burned between August 16 and August 31, which accounted for nearly 27% of Tron's Q3 revenue. Notably, August 21 marked a record burn of 34.7 million TRX, the highest daily total in Tron's history.

Additionally, the launch of SunPump significantly boosted the average daily decentralized exchange (DEX) volume on Tron, which increased by 150% in Q3.