- TRON’s momentum sees it re-enter the top 10.
- Justin Sun is confident TRON will keep rising in the ranks.
- Memecoins make up a small percentage of TRON‘s volume.
In the fast-moving world of cryptocurrencies, market cap is the go-to benchmark for assessing a crypto project. While some critics argue it’s an oversimplified metric, it remains the main way to compare the size and influence of cryptocurrencies relative to others.
TRON has been on a roll lately, overtaking Cardano to re-enter the top 10 coins by market cap last month. However, project founder Justin Sun believes TRON has what it takes to rise even higher.
Sun Bullish on TRON
TRON recently re-entered the top 10 cryptocurrencies, riding a wave of memecoin hype that forced investors to take notice. But according to Sun, TRON’s climb isn’t over yet. He believes the project can go on to challenge for a top three spot, surpassing the likes of BNB and Solana in the process.
Sponsored
In an interview with Altcoin Daily, Sun expressed confidence that TRON could become the third-largest cryptocurrency within 1-2 years. His conviction is backed by data showing strong user growth, along with his team’s ongoing struggle to keep up with rising development demands.
Sun acknowledged making similar predictions when TRON launched in 2017 but insisted that the situation is different now. He explained that while previous optimism was driven by hope, concrete data supports current claims.
Data Validates Sun
An analysis of Sun’s claims on user growth reveals that TRON’s active address count has been steadily increasing. According to Messari, active addresses grew by 32% over the past year, rising from 1.61 million to 2.12 million.
Similarly, TRON’s transaction count has followed an upward trajectory. After hitting a year-to-date weekly low of 3.4 million in February, transactions surged to 6.61 million for the week starting September 9.
While some attribute TRON’s revival to the increasing popularity of memecoins on the platform, TRONSCAN revealed that USDT transactions make up 97.6% of TRON’s transaction volume, while the largest memecoin, Sundog, accounts for just 0.2%
Since adding USDT support in March 2019, TRON has become the leading chain for the stablecoin, now handling about 52% of USDT’s total circulation. This places it slightly ahead of Ethereum, which manages 46%.
On the Flipside
- Market cap rankings are highly changeable.
- 94% of TRON investors are profitable at the current price.
- Tether recently discontinued USDT support for Kusama, Bitcoin Cash, Omni Layer, EOS, and Algorand.
Why This Matters
TRON is back in favor with investors once again, however, its heavy reliance on USDT presents a potential single point of failure.
TRON memecoins are set for a boost following new initiatives.
Justin Sun Teases “Exciting Next Week” for Tron Meme Coins
Nervos Network jumps on Upbit exchange listing.
Nervos Network (CKB) Dominates Crypto Market on Upbit Listing
