October was TRON’s 2nd highest revenue month, but this means…
The post October was TRON’s 2nd highest revenue month, but this means… appeared on BitcoinEthereumNews.com.
TRON achieved its second-highest monthly revenue in October, with $205 million Despite high transaction volume and revenue growth, TRON’s total value locked (TVL) recently declined TRON [TRX] has wrapped up a highly successful month, achieving a record revenue milestone in October. In fact, recent data shared by Justin Sun revealed that the network generated $205 million in revenue. This marks its second-highest monthly figure, after hitting $220 million in August. Key drivers included a surge in transaction volumes due to greater interest in memecoins on the TRON network. However, while the network’s revenue surged, TRX’s Total Value Locked (TVL) fell. This means the network’s recent performance has been decidedly somewhat mixed. Tron’s revenue hits second-highest mark October was significant for TRON, recording $205 million in revenue – The second-highest in its history, just behind August’s $220 million. Data from DefiLlama revealed rising transaction volumes, with daily transactions increasing in June and staying consistent through August. Source: DefiLlama However, October saw a spike in activity, with over ten million daily transactions made on 24 October. This marked the highest daily transaction count this year. In the days following, daily transactions consistently exceeded 9 million. These levels were not seen in August though. This acceleration in network activity can be directly contributed to the revenue uptick. Memecoin activity drives TRON network engagement The growth of memecoins has fueled much of the activity on the network. Data from CoinGecko showed that the market capitalization of memecoins on TRON has now reached approximately $249 million. This hike aligned with a wider market trend of growing memecoin popularity in the broader crypto landscape. These tokens have a total market cap of over $68 billion now. And, the rise in memecoin activity on TRON has driven up transaction volumes. Such a hike could have played a…
Filed under: News - @ November 2, 2024 3:20 pm