TRON Breaks into Top 10 with Impressive 24% Market Cap Growth in Q3
Key Takeaways:
- TRXs market cap increased by 24% in Q3 2024, reaching $13.5 billion.
- TRONs revenue hit an all-time high of $151.2 million, boosted by SunPumps memecoin activity.
- TRXs circulating supply continued to decrease, maintaining its deflationary nature with an annualized inflation rate of -2.7%.
TRON (TRX) showcased impressive growth in Q3 2024, marking its seventh consecutive quarter of increased market capitalization. According to Messaris Q3 2024 report, TRXs circulating market cap rose by 24%, jumping from $10.9 billion to $13.5 billion.
This was quite an achievement, as the rise catapulted TRX up to the 9th position in overall cryptocurrency market rankings and saw it beating many other large-cap tokens. This price also trickled further down into its TRX/BTC pair, which showed a growth of 24% during the quarter.
Revenue Growth Driven by SunPump
Revenue generated by transactions on TRON reached new heights in Q3 and jumped 29% quarter-over-quarter to $151.2 million, largely attributed to the popularity of SunPump, a platform dedicated to launching memecoins. Meanwhile, SunPump sourced much transaction activity into mid-August, burning upwards of 270 million TRX-valued at approximately $42 million.
The impacts were prominent on SunPump, where the August 21st TRX burn was the largest single-day burn of TRX in the history of TRON. Being a deflationary token, every transaction fee paid in TRX, among other cryptocurrencies, is burned and directly reduces supply to shore up its value.
TRON Deflation Accelerates in Q3 with -2.7% Annual Inflation
TRONs circulating supply saw a deflationary momentum in Q3, sliding from 87.20 billion TRX at the start of the three months to 86.62 billion TRX. This follows through as the networks daily TRX burn consistently outpaced the minting rate. The annualized inflation rate thus came in at -2.7%, down from -2.4% in the prior quarter.
By balancing the amount of TRX burned with that newly minted, TRONs supply decreases over time, giving long-term deflationary benefits to token holders. Moreover, the actual yield for staking on TRON is up 13% QoQ, further encouraging network participation.
Nevertheless, this more-than-doubled market capitalization, coupled with the revenue increase and continuous supply reduction, sets a bright outlook for TRX in the future.
Related Reading | XRP Nears Key Resistance Levels With Potential For Major Price Breakout
Read more: https://www.tronweekly.com/tron-breaks-into-top-10-market-cap-growth-in-q3/
Text source: TronWeekly
