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Tron’s blockchain has experienced significant advancements, with its native token, TRX, climbing to a yearly peak as the network recorded its second-highest monthly revenue to date.
According to data from CryptoSlate, TRX reached $0.17 in the last 24 hours, indicating a 55% increase year-to-date. This notable price rise solidifies TRX’s position among the top 10 digital currencies, with a market capitalization of $14.5 billion.
While the prevailing market optimism that has driven Bitcoin’s price above the $70,000 threshold may be a factor in this surge, Tron has surpassed major assets like Ethereum, which experienced only an 11% increase during the same timeframe.
Furthermore, TRX’s upward trend can also be attributed to the new and engaging developments within Tron’s ecosystem that have drawn renewed interest from investors.
Tron revenue surge
On November 1, Tron founder Justin Sun announced that the network’s revenue for October reached $205 million, marking its second-highest monthly revenue.
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This achievement follows the record $220 million generated in August when Tron launched the SunPump memecoin deployer.
Sun credited this revenue increase to Tron’s growing presence in DeFi, memecoins, and NFTs. He suggested that continued expansion in these sectors could help maintain Tron’s monthly revenue above $200 million.
Meanwhile, market analysts highlighted that the primary revenue increase stemmed from its active stablecoin market.
Data from DeFiLlama positions Tron as the second-largest blockchain for stablecoins, commanding 35.2% of the market and providing $60.73 billion in stablecoins. Tron’s stablecoin supply has risen by over 20% this year, primarily due to Tether’s USDT, which constitutes 98.3% of the network’s stablecoins.
Market analysts observed that Tron’s low transaction fees and rapid processing times are attracting users in emerging markets such as Nigeria. In these regions, individuals are utilizing stablecoins as a hedge against currency fluctuations and for improved access to USD equivalents.
Additionally, SunPump has significantly increased network activity, generating over $5 million in transaction fees while enhancing Tron’s visibility and attractiveness within the cryptocurrency sector.
The post Tron hits second-highest revenue as TRX gains momentum appeared first on CryptoSlate.
