Blockchain analytics firm IntoTheBlock has revealed that 99.8% of TRON (TRX) addresses are currently profitable.
Their latest data shows that 153.24 million addresses are in green. This profitability rate comes amid notable growth in TRON network activity and increasing optimism from TRON’s founder.
Tron network energy doubles over the past quarter
The TRON network has seen substantial infrastructure development in recent months. According to IntoTheBlock data, the network energy doubled over the past quarter.
This metric is crucial, as energy is required for executing smart contract transactions on TRON. The increased energy capacity suggests greater potential for smart contract activity while helping prevent cost spikes during periods of high network demand.
The amount of Energy on the @trondao network has doubled in the past 3 months.
⚡️Energy is required for executing smart contract transactions on TRON.
🔋More energy on the network means more capacity for smart contract activity, and in periods of high network demand, having… pic.twitter.com/BCSIaSpJg4
— IntoTheBlock (@intotheblock) October 23, 2024
TRON’s native token, TRX, has demonstrated strong performance across multiple timeframes. According to CoinGecko data, TRX posted gains of 2.1% in the last 24 hours, 4.8% over the past week, and more than 10% in the last 30 days.
TRX is trading just 27.9% below its all-time high of $0.2317 set in January 2018.
Justin Sun says TRX could hit ATH soon
TRON founder Justin Sun has expressed optimism about TRX’s potential to reach new highs. He noted the contrast between the current rally and previous ones.
“TRX is about to surpass its previous high soon, and nobody has noticed,” Sun stated. Justin also highlighted how the current growth appears more organic compared to previous rallies driven by meme coin seasons and stablecoin adoption.
Sun also predicted a second wave of growth for TRON-based meme coins. He cited the network’s continuous development and community growth.
I believe Tron memecoins are about to experience a second wave of growth. With continuous building and community development, Tron has been steadily progressing. Once TRX breaks its previous high, the FOMO for Tron memecoins won’t be far behind. https://t.co/ksa5GsznMv
— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 25, 2024
The TRON founder also suggested that once TRX breaks its previous high, a new wave of FOMO could drive increased interest in TRON-based meme coins.
The total market cap of TRON meme coins stands at $319 million as per CoinMarketCap data. The largest meme coin on TRON is UNDOG with a $205 market cap. Second on the list is Tron Bull with an $82 million market cap.
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